Romanian aluminum producer Alro Slatina has signed an agreement to borrow USD 60 million from the Black Sea Trade and Development Bank. It will use the funds to carry out investments this year, the company announced.

The loan has a seven-year maturity and will be repaid in equal half-yearly installments.

Alro will focus on increasing its operations’ efficiency as well as reducing the energy dependency.

The Black Sea Trade and Development Bank is a development bank that serves the eleven countries that are members of the Organization of the Black Sea Economic Cooperation. It includes Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine.

Alro is part of the Vimetco group, controlled by Russian investor Vitaliy Machitski.

editor@romania-insider.com