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European Bank approves US$ 16 million loan for chicken processing facility in Poland
A US$ 16 million (ECU 11.6 million) loan to Konspol-BIS, a private Polish company that specializes in production of low fat processed chicken products, was approved today by the Board of Directors of the European Bank for Reconstruction and Development.
The company, headed by Mr Kazimierz Pazgan, a Polish entrepreneur with over twenty years of experience in the poultry industry, will have an annual capacity of 20,000 tonnes of processed meat products and will employ over 300 people.
Ron Freeman, Vice-President of the European Bank in charge of Merchant Banking, said: "This is a man who capitalized on his creativity, mobilized supporters, used the resources at his disposal, and came up with a marketable new product that's healthy and tasty. It's the sort of project the European Bank loves to support."
Konspol-BIS, a limited liability company incorporated in Poland, is a joint venture among: Konspol, a chicken-processing company founded and mainly owned by Mr Kazimierz Pazgan (68%); Epstein Development Co., a Polish industrial construction and engineering company half owned by A. Epstein and Sons International of Chicago (5%); Mr Maciej Raczkiewicz, the President of Epstein Development Co. who is investing in Konspol-BIS as a private individual (22%); and the City of Slupca, which is providing the perpetual lease-hold of the land as its equity contribution (5%).
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