Greek cement producer Titan announced on Friday two international banks are going to participate in its operation in Albania in the forms of debt and equity funding.
The European Bank for Reconstruction and Development (EBRD) and the World Bank's International Finance Corporation (IFC) will put 58.8 million euros (about 74.1 million U.S. dollars) into Titan's Albanian subsidiary, Antea Cement.
The EBRD and the IFC will each take 20 percent stake in the subsidiary for 12.6 million euros, and extend Titan a loan of 16.8million euros respectively.
Titan is investing 170 million euros in the new plant, located in the north of the capital Tirana. It will have 1.5 million tons of production capacity and is expected to be completed by the end of 2009. (1 U.S. dollar = 0.7935 euro)
Source:Xinhua
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