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Turkish steelmaker to improve Albania plant on Black Sea bank loan.

Press mediaj reported that Turkish steelmaker KE-rE-m and the Black Sea Trade and Development Bank have agreed a loan worth EUR 20 million to help Kurum boost output at its Albania plant.

Andrey Kondakov president of BSTDB said that "The Bank's continued support to the development and modernization of KE-rE-m

International will contribute to economic growth, employment and expansion of export capacity in Albania. Furthermore, the operation has an important regional integration impact, reflecting the priority we attach to promoting cooperation between our member countries in this case Turkey and Albania."

Turkey, Russia and Greece hold each 16.5% stake in BSTDB which has an authorized capital of EUR 3.3 billion and is based in Thessaloniki, Greece.

Samim Hunakyncy CFO of Kurum said that Kurum would produce 500,000 tons of steel this year up from 20,000 tons per year since 1999 when Kurum started using electric arc furnaces to melt scrap metal at Elbasan in central Albania.

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Publication:Saudi Economic Survey
Geographic Code:4EXAL
Date:Jun 29, 2011
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