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14/04/2024
Mining News

Tirex Resources Announces EBRD Extension of Convertible Loans for its Albania copper project

Tirex Resources announced that the European Bank for Reconstruction and Development has agreed, pursuant to an amendment agreement and subject to satisfaction of certain conditions including TSX Venture Exchange approval, to extend the maturity date of its convertible loans to February 28, 2018. The loans bear interest at the European Union Interbank Offered Rate (EURIBOR) rate plus 1.5%.

The EBRD fosters transition to market economies in countries from central and eastern Europe to central Asia and the southern and eastern Mediterranean. Since the EBRD’s establishment in 1991, the bank has grown to be the largest financial investor in their region of operations. The EBRD is owned by 65 countries, the European Union and the European Investment Bank. The EBRD’s very strong capital position, prudent financial management and strong shareholder support underpin the EBRD’s AAA/Aaa/AAA (stable) credit rating.

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The EBRD is one of the most active financiers of the private sector in Albania. Its main areas of focus are supporting small production enterprises, supporting the financial sector, developing natural resources and improving infrastructure. The EBRD is also engaged in policy dialogue with the Albanian government, with the potential to invest in key public sector projects, along with the implementation of numerous donor-funded projects in the country.

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