EBRD funds Yıldırım’s purchase of Albanian metal miner

EBRD funds Yıldırım’s purchase of Albanian metal miner

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 longstanding Bank client, for the acquisition of AlbChrome, a metal mining company 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 exporters of ferrochrome globally. The mineral is crucial to 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.

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 to Yıldırım Albanian Mining Investments, a subsidiary of the Turkish conglomerate, to partially fund the acquisition.

“The EBRD is supporting Yildirim’s expansion into a new market, which will not only bring new foreign direct investment to Albania, but a focus to 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 almost €1.8 billion to projects in Albania. In 2021, EBRD investment in the country exceeded 200 million euros, the development bank said.