Croatia – The International Finance Corporation (IFC), a member of the World Bank Group, is providing a loan of Euro 20 million to CIOS of Croatia with the triple goal of increasing regional recycling, reducing carbon dioxide emissions and improving the situation of marginalised workers who collect scrap metal.
CIOS is a leading company in South East Europe for the disposal and primary processing of industrial waste. Through this investment, IFC is also supporting CIOS’ parent company, leading steel and scrap group Scholz of Germany, as well as members of the CIOS Group in Albania, Bosnia & Herzegovina, Kosovo, FYR Macedonia, Montenegro and Serbia.
‘With IFC as a partner, we will continue to seek the highest standards in our operations in Croatia and the rest of the region,’ says Petar Pripuz, President of the management board of CIOS. ‘This loan also shows the confidence of one of the world’s leading financial institutions in the recycling industry and in our business strategy.’
The CIOS Group employs more than 1300 workers and processes around 700 000 tonnes of scrap per year, including approximately 300 000 tonnes in Croatia. By 2015, the company plans to process up to 1 million tonnes annually. ‘Recycling is a priority for IFC in Croatia and South East Europe, where the recycling industry can foster further growth of the private sector while creating sustainable livelihoods for marginalised groups engaged in recycling,’ comments Snezana Stoiljkovic, IFC Director for Eastern Europe and Central Asia.
To mitigate the negative impact of the economic slowdown and to sustain the fragile recovery under way in Croatia, IFC supports established local and regional groups that have weathered the crisis and yet require long-term financing in order to remain competitive.
Would you like to share any interesting developments or article ideas with us? Don't hesitate to contact us.