Croatian packaging producer Aluflexpack Group (AFP Group) has received a €20m loan from the European Bank for Reconstruction and Development (EBRD) for the expansion of its flexible packaging and aluminium-based product ranges.

Under the loan agreement, EBRD funding will be provided to three Croatian flexible packaging producers consolidated in the AFP Group, namely Aluflexpack Novi, Omial Novi and TOF.

In 2012, all three companies were acquired by Montana Tech Components, parent company of AFP Group, from Hypo Alpe Adria Bank.

"Our successful cooperation with the EBRD has helped develop AFP Group not only financially but also organisationally."

The following year, Montana Tech Components launched a comprehensive modernisation programme, part of which was financed by a €20m EBRD loan.

AFP Group CEO Igor Arbanas said: “Our successful cooperation with the EBRD has helped develop AFP Group not only financially but also organisationally. Since 2013 the highly competent EBRD team has been a greatly appreciated and constructive partner.

“We are very happy about the further extension of our cooperation not only because it will help us serve our customers better, grow our business and further develop our organisation but also because it is a great confirmation of the successful development of AFP Group since joining the knowledgeable, experienced and globally active Montana Tech Components Group.”

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With four production sites in Croatia, the company currently provides flexible packaging for the confectionary, dairy, human food, pharmaceutical and pet food industries.

AFP also has production and logistics sites in France, Poland and Switzerland.

So far, EBRD has invested around €3.5bn in 186 projects in Croatia.