BUCHAREST (Romania), June 14 (SeeNews) – Raiffeisen Financial institution mentioned on Monday it has granted a 400,000 euro ($484,563) mortgage to Romanian clothes producer Braiconf [BSE:BRCR] to finance its present operations.
The mortgage is assured by state-owned EximBank on behalf of the Romanian state throughout the framework of a Covid-19 state support scheme, Raiffeisen Financial institution mentioned in a press launch.
The funds will probably be used to cowl the corporate’s funds to suppliers, taxes to the state price range salaries, in addition to for salaries and social insurance coverage for its workers.
“This financing helps us at an important time for us and will probably be used for finishing up our exercise in optimum circumstances. With a historical past of 70 years, Braiconf is now implementing a brand new long-term technique to advertise its model with the intention to mirror the true worth of our merchandise,” Braiconf president Silviu Dumitrache mentioned.
Established in 1950, Brainconf manufactures over 800,000 shirts yearly, for manufacturers reminiscent of Eton, Porsche, Cartier, Harmont & Blane, Hermes, Kenzo and LVMH, at its manufacturing facility in Braila, japanese Romania.
Braiconf’s shares final traded on June 7 at 0.4180 lei on the choice buying and selling section AeRO of the BVB.