BSTDB supports modernization of a steel major in Albania

News | 18-Jun-2008

BSTDB will make available a € 20 million loan to Kürüm International Ltd. Albania, the largest steel producer in Albania. The company belongs to Kürüm Group (Türkiye).

The medium-term BSTDB financing will address the Company’s investment related working capital needs and ongoing modernization and maintenance. The investment programme aims at the capacity increase, modernization and automation of existing facilities in Albania and respective increase in quality and value added production capability as well as cost cuts. In this project, BSTDB will join hands with DEG (Germany) and Raiffeisen Bank (Austria) which will finance the investment expenditures.

The support for this Turkish investment in Albania reflects the BSTDB priority to promote the development of regional cooperation.

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Kürüm International Ltd. Albania was established in 1999 to expand the activities of Kürüm Group (Türkiye) in Albania. Kürüm International is the largest steel producer in Albania with 70% of the country's market share, manufacturing and selling a variety of hot-rolled construction iron products to clients in Albania, the EU and the Balkans. The company is also involved in the production of liquid oxygen, lime and in boat construction.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. The Bank supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects in the public and private sectors in its member countries. BSTDB is rated Long Term Baa1 and Short Term P2 (both with positive outlook) by Moody’s.