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PRISTINA (Kosovo), July 30 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said that its board has approved a project envisaging the provision of a 25 million euro ($27.9 million) senior secured loan to Kosovo's Newco Ferronikeli Complex to increase the company's operational efficiency and improve environmental standards.
Newco Ferronikeli Complex will invest 15 million euro in energy efficiency measures and will use 10 million euro to fund its working capital needs, the EBRD said in a statement on Monday.
Newco Ferronikeli Complex's facilities have the capacity to produce 7,000 t of ferronickel per year. The company accounts for about 40% of Kosovo's total exports.
In August 2018, Albania's Balfin acquired a 90% stake in Newco Ferronikeli Complex through its UK-based unit NKL Limited. The remaining 10% are held by Cyprus-based Clearglass Investment Limited.
($ = 0.8974 euro)