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Black Sea Trade and Development Bank backs Alro investment program with 60 million dollar credit
Alro SA, one of the biggest aluminium producers in Central and Eastern Europe signed a loan accord for 60 million dollars on Tuesday with Black Sea Trade and Development Bank - BSTDB, according to a press release of the financial institution. The loan will allow Alro to complete its investment program in 2016, concentrated on increasing the efficiency of its operations, to reduce energy dependence and boost competitiveness.
“BSTDB continues to back member countries in the present global context of reduced growth. In line with the bank’s strategy on boosting portfolio in Romania, we are glad to help Alro implement its ambitious investment program in a difficult moment. Moreover, our financing will contribute to Alro expansion and will help the company create new jobs in Romania,”said Ihsan Ugur Delikanli, the BSTDB president.
“The credit we obtained from BSTDB will support our program to continue investments in modern technology, increase production capacity and the quality of our products. It is important that international financial institutions like BSTDB intervened as additional stability factors in periods of market turbulence,” said Marian Nastase, the chairman of Alro Administration Board.
The credit was granted to Alro for 7 years and the company guaranteed with fixed assets and mortgages. The attorney firm Zamfirescu, Racoti& Partners was the juridical council of the company.
Romania is a founding member of BSTDB, next to the other member states of Black Sea Economic Cooperation - Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Russian Federation, Turkey and Ukraine. The accord setting up the bank was signed on December 30, 1994 and ratified in Parliament by Law 67/1996. Romania has 280,000 shares worth 322 million euros - 14% of the capital subscribed and 9.34% of the capital authorised by BSTDB.