Poland extends $85 million loan to support environmental projects in China

Elektrim S.A. subsidiaries, Elektrim-Megadex (E-M) and Rafako, are interested in covering ecological investments in China, which will be financed from loans provided by the Polish government. On Friday representatives of both countries signed an agreement to extend an $85 million loan as part of Poland's tied-aid program. Elektrim spokesman Krzysztof Koziol said, "Polish companies were losing the competition with foreign companies, as we had no strong financial instrument." E-M will not only take part in power plants modernization, but also in energy and heating sectors and the municipal economy. The company will likely also produce waste purification installations for industry and the municipal sector. Polish trade with China amounted to 1.65% last year and only 0.25% of Polish exports. Poland's trade deficit with China last year was $1.1 billion. (Prawo i Gospodarka, Sept. 30-Oct. 1, page 1, 2, Reuters)