UniCredit Tiriac Bank finances the biggest electronic waste recycling factory in South-East Europe

UniCredit Tiriac Bank lent 4.63 million euros to GreenWEEE International to open in Buzau the biggest electric and electronic equipment waste recycling factory in south-east Europe.

The 7-year credit line will cover the costs for the treatment and processing equipments in compliance with UE 2002/96/EC Directive on waste electrical and electronic equipment. The factory required a total investment of around 10 million euros. The turnover estimated by GreenWEEE for first year of operation stands at 1 and 2 million euros.

GreenWEEE factory is located in Frasinu locality and will cover 10,765 sqm. The factory will have a processing capacity of 50,000 waste per year, which represents a three times higher amount recovered by Romania in 2008. The entire recycling process is in compliance with the level of protection of the environment by the appropriate treatment of waste, process which results in secondary materials that will get back in the economic cycle.

“The opening of the factory, a pioneer project in Romanian and regional market, was made possible with the support of UniCredit Tiriac Bank who lent nearly half of the required investment , the rest being covered from own funds”, said Marius Costache, managing director of GreenWEEE International. “The bank’s engagement in this project shows a real concern for environment protection and will to invest in a promising business”, Marius Costache added.

“We wish to progressively integrate in Romania financing programs for sustainable and non-polluting industries”, said Rasvan Radu, CEO UniCredit Tiriac Bank.

UniCredit Group and World Wildlife Fund signed recently an international strategic partnership aimed at integrating in the banking sector measures to support the environment and to fight climate change. In the environment protection program, new limits of CO2 emission for offices and subsidiaries have been set, as well as of indirect emissions related to lending and investment activities of the financial group.

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