Business News

Seaway Yachts Gets EUR 5m Loan from SID Bank

Ljubljana, 19 December (STA) - The state-owned SID export and development bank has issued a EUR 5m long-term loan to boat maker Seaway Yachts, a part of Seaway group, for the construction of a robotised production line for high-quality composite products, the bank said on Wednesday.

Seaway Yachts CEO Fabrizio Korošec said the new production line would create 30 hi-tech jobs and preserve a further 120. Work will also be provided to an additional network of about 150 suppliers in the Pomurje region and elsewhere in Slovenia.

The new production line will enable Seaway to cut production costs, which will improve its price competitiveness, Korošeč added.

The funding comes from a EUR 100m SID facility for the financing of technological and development projects that is part funded from the budget and part from the European Investment Bank (EIB).

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