EximBank granted a financing facility amounting to RON 167 million to ALRO Slatina, the only producer of aluminium and aluminium alloys in Romania and one of the largest vertically integrated aluminium producers in Europe, measured by production capacity. The funds are intended to provide the necessary liquidity for the current activity of the Company and were granted with a state guarantee issued under the state aid scheme COVID-19, dedicated to large companies.
“EximBank always proposes concrete and efficient solutions to support the development of Romanian companies and we are glad that, through this financing, we provide to one of the most important companies in Romania and in Europe, the necessary funds for carrying out its current activities in optimal conditions. We are confident that through the tools offered by EximBank, including this state aid scheme, we can contribute significantly to the steps taken to accelerate the growth trend of the Romanian economy, and in this regard we will continue to be an active supporter of the local business environment” , said Traian Halalai, Executive Chairman of EximBank.
The unpredictable economic environment created by the consequences of the pandemic – which severely affected two of the key market segments for ALRO, namely the automotive and aircraft industries, as well as low alumina prices were the main challenges that the Romanian aluminium producer sought to overcome by implementing several measures to reduce costs and improve purchasing and sales strategies.
„ALRO’s resilience is also obtained by capitalizing on the opportunities generated by crises, as is the case of the health crisis; and in such times we have remained faithful to our strategy and we have focused on investments in innovation and in the latest production technologies and we have continued to pursue partnerships with organizations that support responsible and sustainable business development“, said Gheorghe Dobra, Chief Executive Officer ALRO.
“We welcome the implementation of the temporary framework for state aid measures to support the Romanian economy in the current COVID-19 outbreak. This will help us to maintain and improve our operations to reflect the latest EU regulatory and policy developments having alongside reliable partners such as EximBank”, said Genoveva Năstase, Chief Financial Officer ALRO.