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European Bank makes loan to jeans production joint venture in Poland
A project promoting Polish-made designer jeans and denim was endorsed today by the Board of Directors of the European Bank for Reconstruction and Development with a US$ 15 million (ECU 10.8 million) loan to Legler Polonia -- a joint venture between the Italian Legler Group and Italian and Polish investors.
"This project will provide for the manufacture of high quality jeans and denims. We hope it will be a trend-setter in revitalising the Polish textile sector," said Ron Freeman, Vice President in charge of Merchant Banking.
The Legler Group, which is putting US$ 18.6 million in the joint venture, is a leading producer of denim fabric in Europe. Partners in the venture, which has a total cost of US$ 55 million, include Polish and Italian individuals experienced in the marketing Polish textiles in the West. Also participating is SIMEST, the Italian government agency which supports joint ventures in developing countries.
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