April 20 (SeeNews) - The European Investment Bank (EIB) said it will provide a loan of 75 million euro ($81.3 million) to Elval, the aluminium rolling division of Greece's ElvalHalcor Hellenic Copper and Aluminium Industry [ASE:ELHA], to support the company's investment programme over ten years.
Under an agreement signed in Athens, the EIB will finance half of Elval's new investments, the lender said in a statement last week.
The funds will be deployed towards the second, 100 million euro phase of ElvalHalcor’s investment programme, which targets a gradual increase in production capacity of flat-rolled aluminium to over 500,000 tonnes per year. The company completed the first phase of the five-year programme in 2020, investing a total of 150 million euro.
Elval plans to install new facilities and equipment, which will enable it to meet rising global demand for rigid packaging and other aluminium products, while bolstering sustainability by reducing energy consumption and lowering its carbon footprint. The new project is expected to create 114 jobs.
Elval, Greece's only flat-rolled aluminium manufacturer, exports over 80% of its output to more than 60 countries, supplying the packaging, construction, shipbuilding, automotive, energy, industrial, and heating, ventilation, and air conditioning (HVAC&R) sectors.
($ = 0.9225)