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. Last Updated: 07/27/2016

ERBD Loan Secure for Slovalco AS

BRATISLAVA -- Slovakia's new government said Tuesday it had approved a guarantee for a $40 million loan from the European Bank for Reconstruction and Development for aluminum maker Slovalco AS.

The loan is the first instalment of $110 million the EBRD is to provide to Slovalco, subject to loan guarantees, under last year's agreement, officials said.

The money is to be used for a program that includes measures to reduce the environmental impact of aluminum production.

Slovalco AS is a fully-owned subsidiary of Zavod SNP, Slovakia's biggest aluminum-maker.

A statement added that the cabinet had approved "additional guarantees in regard to foreign investments into Slovalco AS."