EBRD and ENEF support the modernization of Bosnian TEM Mandeks
The European Bank for Reconstruction and Development (EBRD) and the Enterprise Expansion Fund (ENEF) announced they were supporting the expansion and further modernization of TEM Mandeks – a Bosnian manufacturer of electrical installation accessories with 2 million euro loan. The company has already received financial support by the Bank through its business advice activities, funded by the European Union. With the first investment TEM Mandeks managed to improve its warehouse management system and product tracking as well as to introduce a new management information system and to enhance internal controls over the last three years. As a result, the company has increased sales by 40 per cent and doubled its staff, the Bank announced.
“The EBRD is focused on companies where we see potential for future growth and is stepping up its support for Bosnia and Herzegovina’s small businesses. We hope that other enterprises will follow the example of TEM Mandeks and invest in digitalization and management to raise their competitiveness”, said Manuela Naessl, EBRD Head of Bosnia and Herzegovina.
As a family business and production company, TEM Mandeks has been in operation since 1993. The core business of the company is plastic processing with technology of injection molding, production and wholesales of electrical materials. At the end of 2015 it started production business in Croatia, establishing a daughter company Mandeks. Its main business activity is plastic processing using technology of injection molding machines.
TEM Mandeks has enjoyed continuous development. Significant resources are continuously invested in purchase and implementation of new technologies in production, in development of new products and product groups, so as in training and education of existing and new human resources.
“Our plan is to continue in same direction in future. All together with aim of keeping current positive trends related to expanding and modernization of production capacities, growth in sales and profit, so as in acquiring of new markets. Year by year, we are strengthening our position in the domestic market and South-East Europe. Products from the Mandeks, TEM and Scame ranges we distribute, beside domestic Bosnian and Herzegovinian market, are distributed also in Albania, Kosovo, Montenegro, Croatia and Serbia. The products from the Mandeks range found their place on the markets in Bulgaria, Italy, Macedonia, Poland, Romania, Slovakia, Spain and Switzerland. It’s important to mention strategic cooperation with the Slovenian TEM Catez, through which our products go all over the EU”, the company states.
The EBRD loan is co-financed by the ENEF. It represents a 48,5 million euro fund supporting established small and medium-sized enterprises (SMEs) with high-growth potential in the Western Balkans. Besides the Bank, other investors in the fund include the European Investment Fund, the European Union, Kreditanstalt fur Wiederaufbau Deutsche Investitions- und Entwicklungsgesellschaft, Oesterreichische Entwicklungsbank and Italy. The SMEs receiving ENEF investments also get substantial technical assistance in the implementation of the projects.
Until now the EBRD has invested 2,5 billion euro in a total of 171 projects in Bosnia and Herzegovina. “Boosted by the EBRD’s May 2019 Annual Meeting in Sarajevo, the Bank has registered a new record result for Bosnia and Herzegovina, with investments of 315 million euro in 20 projects last year alone”, its official website says.
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