Lafarge Ciment, the Romanian subsidiary of French cement group Lafarge, has attracted funding in RON equivalent to 20 million euros from the European Bank for Reconstruction and Development (EBRD) to finance its activity and to support its working capital needs. Lafarge Ciment is one of the EBRD's traditional clients, with the bank financing the activity of the French group in Romania ever since its market entry in 1997. In fact, last year Lafarge bought for 215 million euros a 20% stake that the EBRD had held in Lafarge Ciment as early as in 1998. "The seasonal nature of the construction sector and the low amount of loans from commercial banks had a major impact on Lafarge Ciment's liquidity. The EBRD funds will allow Lafarge Ciment to continue to support its clients and suppliers, which is important in the current economic context," say EBRD representatives. The company could also make progress in its recycling activity and invest in its new solid and petroleum waste treatment facilities. "Despite the economic decline, which proved deeper in Romania than predicted a few months ago, Lafarge continues to have faith in the potential of this market, and will continue to invest in its development," said Phillippe Platon, financial manager of Lafarge Ciment. The EBRD funding is granted via the Mid-Sized Corporate Support Facility, which has 250 million-euro funds in total amount available, and is meant to provide support to clients in the current economic context.
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