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CEC Bank and MG TEC Industry have signed a financing agreement in amount of about EUR 48M, aiming the incorporation of a Production Unit for the manufacturing of household and hygienic and sanitary absorbents from pulp and scrap paper. The transaction, brokered by Professional Capital Finance, as advisor, aims the erection of some industrial halls and the purchase of new tangible assets as production and lab technical machinery, machines and equipment.

The MG TEC Industry Company is the beneficiary of a Financing Agreement entered by the Ministry of Public Finances based on the State aid scheme established by the Government Decision No 807/2014. The VAT free total amount is of about EUR 80M out of which the State aid amounts to about EUR 32M. The Project is to be implemented within the North-West Development Region, in Dej Municipality, Cluj County, being one of the most important development projects developed by Romanian entrepreneurs and financed under GD No 807/2014.

"According to the mission assumed, CEC Bank supports further the Romanian projects that contribute to the economic development, the creation and maintenance of jobs. We strongly believe in the domestic production capacity and we are sure that the relevant Project will become a successful story not only at regional level, but also at national level" has declared Mr. Laurentiu Mitrache, CEO and President of CEC Bank Board of Directors.

For more information on the CEC Bank products and services, please contact us in any CEC Bank units or by calling at toll free number 0.800.800.848 or by accessing the website www.cec.ro.