ECONOMY

EIB’s €75 mln loan to Elval

EIB’s €75 mln loan to Elval

The European Investment Bank has agreed to provide a 75-million-euro 10-year loan to Elval, ElvalHalcor’s aluminium rolling division, financing 50% of its new investment.

The first phase of ElvalHalcor’s five-year investment program to gradually increase overall production capacity of flat-rolled aluminium to more than 500,000 tons per year was completed in 2020, with the installation of a four-stand tandem hot-rolling finishing mill in the Elval plant at Oinofyta.

The new investment concerns the implementation of the second phase of the investment program with an additional €150 million in order to achieve increased production capacity targets in response to growing market demand for rigid packaging and other aluminium products, driven by global mega-trends.

The cooperation between the EIB and Elval was announced in Athens on Wednesday, during a ceremony for the signing of the loan agreement by EIB President Werner Hoyer and Michael Stassinopoulos, chairman of ElvalHalcor’s Board of Directors.