Business News

Gorenje Gets EUR 28M Development Loan from SID Bank

Velenje, 04 July (STA) - Household appliance producer Gorenje got a 10-year loan worth EUR 28m for development projects from the SID development and export bank on Wednesday.

Gorenje chairman Franjo Bobinac explained to the press in Velenje that Slovenia's biggest industrial company would use the money to develop new energy-efficient kitchen appliances and washing and drying machines. A part of the funds will be spent on boosting production efficiency.

"We're happy we'll be able to develop new appliances that will contribute to Gorenje's competitiveness... This also allows us to keep jobs in Slovenia," Bobinac stressed as he signed the deal with SID chairman Sibil Silvan.

According to Silvan, SID is fulfilling its role as the country's development bank through its loan to Gorenje.

Peter Groznik, a member of the Gorenje board, meanwhile noted that his company would continue activities to reduce its debt despite the loan from SID.

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