EBRD lends up to 20 million euros to Bulgarian copper product manufacturer Sofia Med

SOFIA (Bulgaria), October 12 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) has announced a loan of up to 20 million euros (23.1 million US dollars) to support the investment program of Bulgarian copper product manufacturer Sofia Provide Med.

The senior secured loan will have a term of up to seven years, the EBRD said in a statement last week.

The proceeds of the loan will be used to fund Sofia Med’s 2020-2022 (CapEx) investment program totaling 27 million euros, which includes a capacity increase for the manufacture of copper and copper alloy strip for electric mobility and renewable energy applications, the EBRD said.

“The project includes significant CapEx investments, including two new bell-type annealing furnaces that will increase annealing throughput capacity from 68,000 to 98,000 tons per year, and a new cold rolling mill that will increase capacity from 100,000 to 170,000 tons per year,” added the EBRD.

In 2019, the EBRD announced that it had granted Sofia Med a € 25 million loan, which the company will use primarily for new product development. Several commercial banks are extending parallel financings as part of a € 85 million long-term joint financing package, the EBRD said at the time.

Sofia Med, which exports 95% of its production, is a producer of a wide range of rolled and extruded copper and copper alloy products such as sheets, strips, plates, circles, discs, bare and clad copper bars, rods, profiles, components and wires that are used in used in a wide variety of construction and industrial applications. The company is based in the capital Sofia on an area of ​​250,000 m² and has three production units – foundry, rolling mill and extrusion plant, as published on the company’s website.

Sofia Med is a subsidiary of Greece-based aluminum and copper processing company ElvalHalcor, which is part of Viohalco, a Belgium-based holding company that consolidates leading metal processing companies across Europe.

($ = 0.8653 euros)

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