In June 2023, OeEB signed a bilateral project financing in the amount of EUR 10 million with the confectionery and snack manufacturer Jaffa Fabrika Biskvita Crvenka d.o.o. ("Jaffa"), in Serbia. The credit line will be used for production investments, renewable energy (photovoltaics) and environmental measures (energy efficiency and emission reduction).
|Jaffa Fabrika Biskvita d.o.o. ("Jaffa")
|Southern and Eastern Europe
|Energy / Resource Efficiency / Infrastructure
|OeEB project volume
|EUR 10 million
|International climate finance according to UNFCCC
|Jaffa Fabrika Biskvita Crvenka d.o.o ("Jaffa")
Jaffa Fabrika Biskvita Crvenka d.o.o. ("Jaffa"), also known as Jaffa Crvenka, is a Serbian food company based in the small town of Crvenka (autonomous province of Vojvodina) that produces confectionery and other food products. The company employs 923 people (490 of whom are women) and is the largest employer in the town of Crvenka. Jaffa was founded in 1975 with the purpose of producing pastries. However, it soon specialized in the production of the so-called Jaffa Cakes, which became very popular in the former Yugoslavia. In the course of time, the company expanded its product range and is now one of the leading confectionery manufacturers in Southeast Europe, whose products are also available in Austria, Germany, and other countries. These can be found under the Jaffa and Banini brands. Banini is also a confectionery manufacturer that was acquired by Jaffa in 2017.
The focus of the use of funds is on resource and energy efficiency, climate change, environmental protection, and optimization of production processes. This will lead to an increase in energy efficiency, a reduction in CO2 emissions, renewable energy production, a reduction in plastic and paper waste, an increase in production capacity, an elimination of bottlenecks in the production processes, the implementation of state-of-the-art packaging solutions and the improvement of production efficiency and modernization in general. Likewise, Jaffa pays attention to long-term partnerships with its suppliers in order to maintain a sustainable and reliable supply chain. Most of these suppliers are small family businesses that are also very important to the local economy and the community in general. The company also participates in the serbian Chamber of Commerce programme, which supports local economic development in rural areas.
The financing is 100% eligible as climate financing. An Austrian connection is given through regular delivery from Austria.