Of the total amount, around $105 will be syndicated to commercial banks (including the current creditors of the company). The credit facility would support the financial structure of the company and the consolidation process allowing it to continue with the development program.

“Alro has secured its raw materials supplies, it has achieved a healthy cost structure and now it sis considering the repayment of its debt. All these measures are enabling the company to continue its long-term program focused on added-value products, on quality improvement and on the diversification of its product range”, the company said.

The financing agreement would help the company continue its $50 million investment plan for 2010-2012 geared towards improving quality and product range.

EBRD has conducted the due diligence for the company and the project will be submitted to the board of the bank on June 8, 2010.