The European Investment Bank signed today in Athens two finance contracts totalling EUR 19 million for investments to modernise Elval Group’s aluminium-processing plants at Oinofyta. The contracts were signed by EIB Vice-President Plutarchos Sakellaris. The borrowers are Elval S.A. (EUR 7 million) and its subsidiary Symetal S.A. (EUR 12 million), reflecting the companies’ respective shares in the overall investments, which amount to EUR 38 million.
This is the EIB’s second operation with Elval Group. The EIB’s first loan to Elval was for financing expansion of the plant at Oinofyta in 1975. Mr Sakellaris commented at the signing ceremony: “I am pleased to renew our relationship with Elval, the leading Greek aluminium-processing group. The new investment will enable the Group to increase its capacity. I am particularly happy as the project also includes significant investments for improving the company’s environmental footprint. The loan is being granted against the backdrop of the current difficult general economic climate with the aim of underpinning our common commitment to sustainable growth. The financing of this operation confirms the EIB’s support for investment by the Greek manufacturing sector in Greece and South Eastern Europe".
Elval Group produces aluminium rolled and extrusion products. Symetal produces and sells aluminium foil products for flexible packaging and food products as well as converted aluminium foil for the same applications.
The main investment concerns a new foil rolling mill, as well as civil works and the necessary ancillary equipment. The project also includes significant environmental investments.
Note to editors:
The European Investment Bank supports the political and strategic objectives of the European Union by granting long-term loans for economically sound investment projects. The EIB’s shareholders are the 27 EU Member States. Total EIB lending rose by 21% in 2008 to EUR 57 billion, compared to EUR 48 billion in 2007. Loan signatures rose sharply towards the end of the year, reflecting the EIB's swift response to help underpin economic recovery at the request of the European Union's Member States. In Greece, the EIB provided a total of EUR 1 165 million in loans in 2008, up 54% from the EUR 755 million figure of 2007.
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