Reuters reported that Montenegro's government had budgeted EUR 85 million for loan guarantees to its sole aluminium producer Kombinat Aluminijum Podgorica.
The finance ministry said in a statement that of the total EUR 85 million, 22 million will back a new loan to secure production in KAP, while another EUR 63 million will be used to reschedule previous debt. KAP is currently in the process of negotiating EUR 22 million loans with creditors.
The KAP facility has run losses since global metals prices fell last year. In the past it has contributed more than 15% of the gross domestic product, it accounted for 41% of exports in the first 8 months of 2009.
Recently, the finance ministry said that the government had guaranteed a EUR 49.7 million loan from OTP Bank to KAP. That month, EN+, owned by Russian tycoon Mr Oleg Deripaska, said that the government of Montenegro would issue guarantees up to EUR 135 million to cover loan repayment and redundancy.
(Sourced from Reuters)
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