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The European Bank for Reconstruction and Development (EBRD) is providing a €10.8 million loan to Stax Technologies, a manufacturer of paper tissue packaging machines in Serbia.
The company will use the funds to expand its production facilities, purchase new equipment and implement energy efficiency improvements, such as installation of solar panels. This will allow it to increase its production capacity in Serbia by over 70 per cent, while improving energy efficiency and productivity.
The new production plant will use state-of-the-art equipment and a new 300KW rooftop solar power system will allow the company to produce the energy it needs for its own operations while reducing electricity costs.
Matteo Colangeli, EBRD Regional Director for the Western Balkans, Head of Serbia, said: “We are very pleased to support Stax Technologies in expanding and upgrading its operations, investing in the green transition and in raising skills and standards, which in turn will contribute to greater competitiveness and access to global markets.”
Stax Technologies, which currently employs around 360 people, expects to hire more staff as it expands its production. To address the growing need for skilled workers, the EBRD will help the company expand the Stax Academy, its training centre. The Academy will develop its vocational training programmes, but also dual learning and develop partnerships with universities. Particular attention will be paid to attracting and enrolling women into technical training programmes to promote women in engineering and technical positions.
Stax Technologies in Serbia is partly owned by the Barry-Wehmiller Group, a worldwide leading supplier of production technologies for packaging, corrugated cardboard, foil and paper processing.
The EBRD is a leading institutional investor in Serbia. The Bank has invested more than €7.3 billion in the country to date. Its focus in Serbia is on private-sector development, improving public utilities and facilitating the country’s transition to a green economy. Its investments are combined with support for policies that promote a more enabling business environment.