Romanian aluminum producer Alro Slatina will get USD 200 million (EUR 179 million) loans from local and international banks.

It will borrow USD 60 million from the Black Sea Trade and Development Bank (BSTDB), a financial institution whose shareholders are the 11 countries bordering the Black Sea. The bank was founded by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey and Ukraine, which are also the 11 founding countries of the Black Sea Economic Cooperation.

The aluminum producer will also take USD 120 million from a syndicate of banks, to finance an older loan taken from the European Bank for Reconstruction and Development. It has also borrowed USD 27 million from local lender Raiffeisen Romania.

The company, which is the biggest aluminum producer in Central and Eastern Europe, will guarantee the loans with land, buildings, bank accounts and raw material stocks.

Alro Slatina is owned by Vimetco, a group that’s registered in the Netherlands and controlled by Russian investor Vitaliy Machitski. Alro had sales of USD 630 million and USD 19 million losses. The group had almost 3,800 employees.

editor@romania-insider.com