News from 2021-01-19 / DEG
DEG financing in Tunisia for German family company
During the coronavirus crisis, when familiar rituals and get-togethers with friends are not possible, cuddly toys can provide much-needed stability for children and their families.
Time-honoured German company Steiff, which is known for its soft toy animals and high-quality children’s clothing, has its headquarters in the town of Giengen in eastern Baden-Württemberg. As well as its production facility in Giengen, Steiff has operated a factory in Tunisia for over 40 years. The North African country has been greatly affected by COVID-19. Following a hard lockdown, the economic situation there is difficult.
During the coronavirus crisis, DEG is providing Steiff’s African production facility with partial financing via the AfricaConnect programme using funds from the Federal Ministry for Economic Cooperation and Development. This loan will help to strengthen an important employer in a less industrially developed region of Tunisia, thereby safeguarding jobs throughout the pandemic. Steiff employs some 800 people in its factory in Sidi Bouzid.
The AfricaConnect financing also facilitates investments in long-term competitiveness and ecological sustainability in production. This is confirmed by Dirk Petermann, Managing Director of Margarete Steiff GmbH: “Steiff has always set great store by ecological sustainability along its entire value chain – both through energy-efficient production and through the materials used for our quality products. The DEG financing will allow our future production in Tunisia to meet the Global Organic Text Standard (GOTS) certification as well.”