Pharma Valley, the largest investment in the history of JGL and currently one of the largest investments in Croatia, is worth a total of EUR 48 million.
Most of the funds necessary were provided to JGL by the Croatian Bank for Reconstruction and Development (CBRD), which has been successfully supporting the company's investment and export activities for many years now. CBRD is a powerful, key participant in this significant investment. Thanks to the well structured arrangement, in terms of the amount of the interest rate, foreign currency positions and repayment periods, JGL was able to realise the project in entirety. Production and other equipment were mainly financed in cooperation with leasing companies operating on Croatian territory.
Pursuant to the Act on Investment Promotion and Development of Investment Climate, the Ministry of Economy of the Republic of Croatiarvstake HHHH gave JGL the status of a recipient of incentive measures for its Svilno 2 project. This status will enable the company, through tax incentives, to make use of the amount equal to 40 percent of the investment, which is an additional, significant benefit, and a real expression of support to investors in the Republic of Croatia.
The European Bank for Reconstruction and Development also provided indirect support to JGL's investment by supporting the company's export activities, primarily on the CIS market, as well as by financing its working capital.
The criteria for the selection of contractors, from design to the choice of all participants in construction, were very rigorous. JGL proudly points out that they were pleased with the offer of Croatian contractors and suppliers, thereby making use of the potential of the local community and the country as a whole. Finally, despite the exceptional complexity of buildings and installed technologies, with the exception of specific machinery and equipment, all built facilities are the result of the work of Croatian companies and local knowledge, which certainly had an additional positive impact on the Croatian economy. In this way, JGL returned over 80 percent of its investment into the bloodstream of the local economy.
Through the construction of the Pharma Valley complex, JGL has shown that investment in production and production in Croatia are truly worthwhile. The investment project will ensure the company's planned growth, as well as the realisation of its long-term vision as the global leader in the area of nasal decongestants and ophthalmics.