ANNOUNCED AS TEMPORARYNo
On 30 November 2014, the Exterior Bank of Algeria (BEA) signed two loan agreements with the steel manufacturer Arcelor Mittal Algeria (AMA).
The total amount of the first loan agreement is 600 million US dollars. The loan is designated to finance Arcelor Mittal Algeria's development and modernization project which core scope is to until 2017, increase the production capacity of the El Hadjar steel plant from 300.00 tonnes to 2.2 million annually. The total amount of the second loan agreement is USD 355 million. The second loan is an operating credit line aimed at financing the working capital requirements of the plant.
Furthermore, in the same announcement, it was denoted that BEA provided a loan of USD 76 million for the nationalised mines of Arcelor Mittal in the Algerian regions of Ouenza and Boukhadra.
ArcelorMittal Algeria is part of ArcelorMittal S.A., the world's largest steel producer with headquarters in Luxembourg.
Exterior Bank of Algeria is a state-owned Algerian Bank established on 1967.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets and from foreign subsidiaries.
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