BELGRADE (Serbia), September 24 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) grants a 10 million euro ($ 11.7 million) loan to Serbian recycled cardboard manufacturer Umka as part of of a comprehensive investment program, he said.

The loan will help finance the modernization of cardboard production equipment, allowing the company to increase its production, and will also support Umka in introducing new products with higher added value and improving energy efficiency. of its operations, the EBRD said in a statement Thursday.

“The EBRD is a strong supporter of the circular economy. We want to help Serbian businesses exploit the huge potential of this new market in the Western Balkans. Our cooperation with Umka is an example of our commitment to support the main recycling companies in the modernization of their facilities, consolidating their position as regional players and expanding their access to new export markets ”, said Matteo Colangeli , Regional Director for Western Balkans, Head of Serbia, EBRD.

The EBRD loan is part of a larger € 40 million investment program, which includes a € 25 million loan from the Austrian Development Bank (OeEB), the EBRD noted.

The increased production capacity is expected to lead to an increase in the collection and recycling of waste paper in Serbia and the Western Balkans region, where the company has its own waste paper collection points, the EBRD said.

Umka is part of the KappaStar group, a regional leader in the confectionery and paper recycling industry. The company exports more than 80% of its production to more than 30 countries in Europe.

($ = 0.85112 euros)