Oct 15 2004
SUAL Group, one of the world's top ten aluminium producers today announces the successful conclusion of an agreement with the Export Development Canada (EDC) to provide financing for the Komi Aluminium Project.
In accordance with the agreement, EDC will provide a USD 20 million loan to finance the bankable feasibility study for the construction of an alumina-aluminium complex in the Komi Republic, as well as basic engineering studies and services.
Vladimir Kremer, Komi Aluminium's Director General, said: «This agreement is a vote of confidence from the largest western institutions which are our partners in the Komi Aluminium Project. We expect that this financing is just the first step towards EDC's much larger involvement in the project.
In August this year, SUAL Group received support from its major credit partners in the project when IFC and EBRD together with a consortium of western banks agreed to provide to the Group a $150 loan with 9 year tenor.
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