Black Sea Trade and Development Bank dispensing $40 million loan to ALRO for energy and VAP capacity enhancement

On 23rd June 2021, the Black Sea Trade and Development Bank (BSTDB), the international financial institution serving the eleven-member founding countries of the Black Sea Economic Cooperation, stated that it is dispensing a $40 million loan for a capital investment programme.to Romanian aluminium producer Alro, which is a part of Vimetco Group.

BSTDB said: “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 total cost of the project amount to approx. $95 million and also financed by Romanian and international commercial banks.

Dmitry Pankin, President of BSTDB said: "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.”

The Black Sea Trade and Development Bank have furnished a total of $120 million in support of Alro’s development since 2015.

Marian Nastase, Chairman of Alro said: "ALRO is one of the leading companies in Romania having a 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 optimise the use of resources are proofs of our progress in this direction.”