Alro Slatina, 50 mln euro financing agreement with EximBank

EximBank signed financial agreements worth some 50 million euro with Alro Slatina for financing its current activity and issuing letters of guarantee and credit for contracts it concludes, according to a press release submitted to the Bucharest Stock Exchange.

The agreement was signed at the end of 2013 and expires after two years, yet Traian Halalai, EximBank’s President says it is very likely to be further extended – ”The financial agreement worth approximately 50 million euro was concluded at the end of last year and is effective for 24 months, however, we believe this is the first step in a partnership to be run on a much longer term. And that is because our strategic concern remains that of building a strong win-win relation with the business environment by engaging in projects that can support the sustainable development of the local economic environment.”

Alro Slatina, one of the largest aluminum manufacturers in Central and Eastern Europe has consistently invested in refurbishment so as to reach an increased efficiency of the production, quality, as well as to strenghten its position on international markets. The company, which recently finalized an investment of about 10 million euro for higher competitivity, co-financed by the EU, aims at continuing the strategy of increasing the volume of processed products with high added value.

”The industry in which we operate is directly and permanently influenced by internal and external factors which we cannot control. (...) Therefore, we need to continuously invest in oder to be able to face the challanges that arise. We have implemented new solutions to reduce costs and we focused on increasing sales of products with high added value so that we maintain our competitivity. We want to keep our strategy on long term and EximBank provided us with the best financial solutions for the company’s sustainable development.”, Marian Nastase, President of Alro’s Board, commented.

He also added that their cooperation with EximBank will go beyond this financing arrangement, by adhering to the project relative to the foundation of the Romanian Association of Exporters, as charter member. The bank has already started the procedures in this regard, through this project aiming to promote Romanian companies which trade on international markets. The inclusion in the association does not suppose any financial contribution, any exporter having the possibility to join the organization which will begin its work this spring.