BSTDB SUPPORTS THE MODERNISATION OF AN ARMENIAN ALUMINIUM MANUFACTURER
Press Release | 23-May-2006
BSTDB provided a secured loan of USD 23 million to RUSAL ARMENAL (“ARMENAL”). ARMENAL is an Armenian closed joint company, a subsidiary of the Russian Aluminium Group (“RUSAL”).
The loan has a tenor of 7 years and will used to finance the closing stage of a modernization program at the RUSAL ARMENAL foil rolling plant in Armenia.
“We are pleased to be a part of one of the largest direct foreign investments in the Republic of Armenia. The modernization of ARMENAL will result in a transfer of modern technology and know-how, contribute to the development of the Armenian manufacturing sector and foster the expansion of international trade in the Black Sea Region. The project is important to BSTDB also because it represents an example of cooperation between two member-states of the Bank - Armenia and Russia”, told Mr. Mikhail Jernov, BSTDB Vice-President Banking.
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ARMENAL (Yerevan, Armenia) was created in 2000 on the site of the Kanaker Aluminium Smelter as a joint venture of RUSAL and the Government of the Republic of Armenia to produce aluminium foil and packaging materials. Since January 2003, the plant has been wholly owned by RUSAL. Currently, ARMENAL is undergoing full modernization.
RUSAL is one of the three world's largest primary aluminium producer, providing primary aluminium and value-added casthouse products to customers in 50 countries. Headquartered in Moscow, with operations in 9 regions of Russia and 13 countries globally, RUSAL now accounts for 75% of aluminium production in Russia and 10% internationally. RUSAL has 47,000 employees and was established in March 2000 through a merger of several largest aluminium smelters and alumina refineries in the CIS.
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. With an authorized capital of SDR 1 billion (approx. USD 1,45 billion), the Bank supports economic development and regional cooperation by providing financing, guarantees, and equity for projects in the public and private sectors in its member countries. BSTDB is assigned investment grade rating of Baa2 by Moody’s.