BSTDB Supports Energy Efficiency Upgrade in Romanian Industry
Press Release | 23-Jun-2021
New USD 40 million 7-year loan to aluminium producer ALRO
The Black Sea Trade and Development Bank (BSTDB) is providing a USD 40 million corporate loan to Romanian aluminium producer ALRO, part of Vimetco Group for its capital investment programme. The seven-year loan will be used primarily for improving the company’s energy management performance as well as high value-added production capacity.
The project’s total cost amounts to around USD 95 million to be also financed by Romanian and international commercial banks.
“Supporting responsible ESG investment is our priority goal as a regional development bank. We are delighted to see our long-term client introducing energy efficiency measures and environmentally sustainable practices that are in line with the Romanian Government’s policy priorities. Given the positive outlook for the economy, we believe the company will be able to meet increased domestic demand and bring substantial development impact to the Romanian economy including job creation, export promotion and increased revenues for the state budget.”, said Dmitry Pankin, BSTDB President.
“Nowadays, our focus is on sustainability and therefore we have made major steps in communicating the progress made in this area. ALRO is one of the leading companies in Romania having as specific objective to meet climatic neutrality targets by implementing state-of-the-art technologies. We run a responsible business and the significant investments made in projects aiming to protect the environment by reducing emissions, improving energy efficiency and optimize the use of resources are proofs of our progress in this direction. This new agreement represents a recognition of our efforts and we are delighted to continue the partnership with BSTDB, an active supporter of our sustainable projects and businesses.”, said Marian Năstase, ALRO Chairman.
Today’s agreement marks a new phase in BSTDB’s partnership with ALRO which started in 2015. Since then, the Bank has provided a total of USD 120 million in support of the Group’s development.
ALRO, founded in 1961 is a subsidiary of Vimetco N.V. (the Netherlands), a global primary and processed aluminium producer. ALRO is one of the largest vertically integrated aluminium producers in Europe, having an installed annual production capacity of 265,000 tonnes of electrolytic aluminium, 35,000 tonnes of recycled aluminium and 335,000 tonnes of cast aluminium. ALRO exports its products to more than 50 countries worldwide. ALRO products have several certifications for aerospace and automotive industries and are adhering to the quality standards for primary aluminium on the LME, as well as international standards for flat-rolled products.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s, “A2” by Moody’s and “A+” by the Russian credit rating agency ACRA. For information on BSTDB, visit www.bstdb.org.
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