Alro, the aluminum maker controlled by Russia’s Vimetco, has signed financial agreements of around EUR 50 million with EximBank, Romania’s export-import bank.
The loan facility will be used to finance Alro’s current activities and for issuing letters of bank guarantees and letters of credits for the contracts signed by the company.
“The structure of this complex facility for one of the biggest exporting companies in Romania proves that we have a flexible strategy, which allows us to supply competitive financial solutions for the corporate segment, according to the needs of each business partner,” said Traian Halalai (in photo), EximBank’s president, in a statement.
“The financial agreement of approx. EUR 50 million was signed at the end of last year and is valid for 24 months, but we think it represents a first phase of a partnership, which would be implemented on a much longer term,” he added.
Marian Nastase, president of Alro’s board, said that EximBank will contribute along with aluminum maker is setting up the Romanian Association of Exporters (AREX), as a founding member.