GERMANY is pumping millions into Genting Hong Kong-owned shipbuilder MV Werften to keep it afloat. The country last week agreed to inject up to 300 million, building on the 193 million of credit the state offered it last Dec. Germany took a stake of 60 million and offered further loans...
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GERMANY is pumping millions into Genting Hong Kong-owned shipbuilder MV Werften to keep it afloat.
The country last week agreed to inject up to 300 million, building on the 193 million of credit the state offered it last Dec.
Germany took a stake of 60 million and offered further loans of 47 million.
The shipbuilder has three shipyards along the Baltic Coast in the state of Mecklenburg-Vorpommern, and has been forced to reduce the working hours of most of its 3,000 employees.
Germany’s Federal Minister for Economic Affairs Peter Altmaier said the investment would allow MV Werften to fulfil its orders and continue to develop ships.
“This is an important decision that will give confidence to workers in the region and in the country as a whole,” he said.
MV Werften is not the only cruise-aligned business Germany has bailed out since the pandemic began, with tour and cruise operator TUI also the beneficiary of funding.
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