Cosmoplast gets Dh50m EIB loan

The Emirates Industrial Bank (EIB) has awarded a Dh50 million ($13.6 million) loan to Cosmoplast Industrial Co, a Group Harwal company.

EIB was established to contribute to the UAE economy and diversify its industrial structure by helping to develop new and existing industries.

The EIB with its major investment portfolio of dynamic UAE companies has strategically backed Cosmoplast in its goal to expand both products and manufacturing capabilities to meet the demanding requirements of world markets.

"EIB has been very co-operative and sees a strong future in both our financial and operational long-term strategies. Thus, the release of this Dh50 million to Cosmoplast will add impetus to our plans for the coming years," Cosmoplast General Manager Jim Dymock said.

Cosmoplast has been operating from Sharjah for over 25 years and offers a wide range of plastic products for industrial, commercial and leisure use.

Over the years Cosmoplast has acquired new plastics manufacturing technologies including extrusion, injection moulding, thermoforming and blow moulding.