Real estate developer European Future Group (EFG), which had started work on four of its 14 projects, with an investment value put at over 1.5 billion euros on the Romanian market, has discontinued construction works and made redundant almost 90% of the employees, amid liquidity problems. "No liquidity and no access to credits in our domain is like a bakery with no possibility to buy flour, that doesn't make any bread," said Jeff Kirby, regarding the situation the company he manages has reached. The company decided to stop all the projects, which are already underway, with losses estimated to be in the range of tens of millions of euros, given that Austrian investment fund Immoeast, the company's main partner, failed to contribute its share of the 700 million-euro investment it was involved in with EFG. The company's overall investments in the region have been put at over two billion euros, with construction works started in the Meteo Business City business park on Jandarmeriei Street in Bucharest, in retail park in Brasov with Carrefour and Praktiker as anchors, in two logistic parks in the Pantelimon area of Bucharest, as well as in other two projects in Kiev.
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