EBRD funds Yıldırım’s purchase of Albanian metal miner
The European Bank for Reconstruction and Development (EBRD) is providing a $28 million loan to Yıldırım Holding, a Turkish conglomerate and long-time Bank client, for the acquisition of AlbChrome, a metals in Albania.
Raiffeisen Bank International AG and Credit Europe Bank will co-finance the purchase with loans of $25 million and $14 million, respectively, the EBRD said in a statement.
Yıldırım Holding is one of the largest ferrochrome exporters in the world. The mineral is crucial for the production of stainless steel and other metal alloys.
Chromium, a component of ferrochrome, is also used in many other industries, including the production of electric cars.
The EBRD financing will be provided through two facilities: up to $8.4 million to refinance AlbChrome’s existing debt and up to $9.6 million for Yıldırım Alban Mining Investments, a subsidiary of the Turkish conglomerate, to partially finance the acquisition.
“The EBRD supports Yildirim’s expansion into a new market, which will not only bring new foreign direct investment to Albania, but also emphasize the sustainable development of AlbChrome. The company will be the first entity in the country to develop a roadmap for effective climate action,” said Charlotte Ruhe, EBRD Managing Director for Central and South Eastern Europe.
To date, the EBRD has committed nearly €1.8 billion to projects in Albania. In 2021, EBRD investments in the country exceeded 200 million euros, the development bank said.