As a major supplier for the construction, paper and paint industries, Calcit needs to expand its two production sites in Slovenia and Croatia to meet growing demand, especially in the paper industry, a release on the EBRD website says.

The company exports more than 75% of its output to the EU with almost half of its sales generated in the German market.

The EBRD says the planned investment will "increase production capacity, improve efficiency, broaden the product range and contribute to the transfer of skills between the headquarters" in Slovenia and the production site in Gospić in Croatia, which opened in 2012.

Calcit is the second largest supplier of slurries for paper production in the European market and an important manufacturer of natural dry and coated pigments for the paint and plastics industries.

The company also supplies raw materials for all other industrial and civil engineering fields, according to information on the company's web page.

Calcit currently has a 10% share in the European market, which it hopes to double with the expansion backed by the EBRD.