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SIEPA AGENCY SIGNED A CONTRACT WITH GREENTECH LTD NOVI SAD GRANTING NON-RECOURSE DIRECT INVESTMENTS FUNDING

On Friday, June 21, 2013 representatives of the Serbian Investment and Export Promotion Agency (SIEPA) and Backa Palanka municipality deputy President, Mr. Bojan Radman, visited Greentech’s Mladenovo recycling facility. The contract was signed during the occasion, granting Greentech Ltd Novi Sad non-recourse direct investments funding for the new production facilities construction and new PET packaging processing lines installation within the Mladenovo recycling facility.

 Planned investment includes construction of waste water treatment facility, hot PET bottles washing line installation and the first Serbian "bottle to bottle" facility (per state of the art Vacurema technology) to produce RPET granules.

During the Mladenovo recycling facility visit, SIEPA Agency Board Chairman, Mr. Slobodan Vojinovic stated that SIEPA received a number of applications for this year’s program attracting direct investments awarding new job creation subsidies, with Greentech’s project being shortlisted to be supported by the budget of the Republic of Serbia, due to its innovation and importance for the municipality Backa Palanka development.

SIEPA’s Assistant Director, Mr. Vladimir Tomic, handed a contract to Mr. Mihail Mateski, general manager of Greentech Ltd Novi Sad, wishing him successful investment realization on behalf of SIEPA Agency and Ministry of Finance and Economy of the Republic of Serbia. Mr. Bojan Radman, Backa Palanka municipality deputy President, said on the occasion that the creation of 100 jobs in Greentech’s Mladenovo recycling facility is of great importance not only for the development of Mladenovo and the nearby Karađorđevo (with extremely high unemployment rate), but the Backa Palanka municipality as a whole.

 The new production facility in Mladenovo is planned to be completed by the end of the summer, with 100 employees hired by the end of 2013.