Romanian cable maker borrows EUR 18 mln from Black Sea Development Bank

Cable producer Romcab Targu-Mures wants to borrow EUR 18 million for six years from the Black Sea Trade and Development Bank (BSTDB). It will use the loan to optimize the plant’s energy consumption. The Romanian state will guarantee the credit through a letter issued by the state-owned lender EximBank. A mortgage on the company’s equipment will also guarantee the loan. Romcab will bring a promissory note of EUR 3.6 million issued by the company and a promissory note of EUR 5.4 million issued by Zoltan Prosszer, the general director and main shareholder. The Black Sea Trade and Development Bank is a development bank focused on the Black Sea region. Its biggest shareholders are Russia, Turkey and Greece, each with a share of 16.5%. The Romanian state has a 14% stake. editor@romania-insider.com