JGL, as is reported, plans to become the leading world producer of sterile solutions and the EBRD loan should enable it to double its production capacities.
The company is in the investment expansion phase, currently building state of the art production facilities “Pharma Valley” that will increase the production capacity of sterile solutions from the current 19 million products to 38 million per annum and hire 100 new employees, reaching a total headcount of 702.
The EBRD loan is part of a total investment that has also been supported by the Croatian Bank for Reconstruction and Development (HBOR) with a loan of 32.7 million euros, a press release says.
EBRD Director for Croatia Vedrana Jelusic Kasic expressed satisfaction that this loan will contribute to making a strong private company even stronger.
"JGL can serve as an example of the potential that this country has when it comes to entrepreneurship, innovation, experience and know-how," Jelusic Kasic said, adding that she hoped other domestic companies would follow this successful example.
JGL CEO Ivo Usmiani said that they were pleased that such a reputable financial institution like the EBRD had recognised JGL's potential. The loan is to be invested into the company's investment programme, aimed at significant increase of its production capacities. The EBRD financing is focused on the provision of long term working capital which will enable the full capacity utilisation of a modern production facility. The loan, Usimani said, would secure capacities for further research and development, production and warehousing and represents a strategic step toward the field of therapy on the global market.
JGL was founded in 1991 and today is the second largest pharmaceutical company in Croatia. It specialises in sterile eye, nose and ear drops and exports 75% of its products.
EBRD has been active in Croatia as an investor since the country's independence and has supported more than 170 projects with a total value of 3.08 billion euros.
(Hina) sp