Gorenje will become global under the 2016-2020 strategic plan and the development of premium appliances and high-end brands is the driving force of the effort, CEO Franjo Bobinac said on Monday.

"We expect the sale [of such appliances] to double by 2020 to 30% of group revenue," he said.

EIB vice-president Laszlo Baranyay said the loan would support Gorenje's R&D activities and contribute to the much-needed improvement of the competitiveness of Europe's industry.

The signing ceremony also featured Prime Minister Miro Cerar.

Gorenje last year posted group sales of EUR 1.2bn and earmarked 2.7% of revenue for R&D, up 0.3 points over the year before.