EximBank has granted to Romelectro SA, one of the biggest general contractors in energy projects, a multi level financing facility amounting RON 63 million, for a project that will be implemented in Egypt by the Romanian company.
Romelectro is the leading company of a consortium along with other two Romanian companies that will work to install and put into operation a 1,200 MW block of a combined cycle thermal power facility using natural gas in Burullus, Egypt. The total value of the contract amounts to EUR 30 million.
”We are delighted to be an active part of an extended project in energy that proves once again that Romanian companies are able to get involved in complex international projects where their high competitive level may be turned into profit. The agreement we have with Romelectro will ensure the necessary financing for the company to implement this very important international contract and, at the same time, all the commercial transactions related to it benefit from the safety conditions provided by an insurance granted under the state name and account, covering a total export value of EUR 18 million in Egypt. We consider this transaction a complete one, allowing EximBank to use all its competitive advantages in order to reach its strategic targets: supporting Romanian companies and sustaining large projects in priority domains such as energy, ” said Traian Halalai, executive president of EximBank.
”We are glad that the re-shaping of our corporate strategy, focusing on consolidating our international presence is starting to show results and thus Romelectro is now coming forcefully back on the foreign markets. We have been looking in great detail to the markets around the globe and we have launched campaigns for entering those areas that had risk and capacity profiles corresponding to our capabilities. We will continue to participate in international biddings for complex projects, clustering resources for as many Romanian companies as possible and, hopefully, benefiting from EximBank support during their implementation, ” said Viorel Gafita, president of Romelectro.