The European Bank for Reconstruction and Development (EBRD) is granting a €25m loan to Romania-based Universal Alloy Corporation Europe (UACE), which produces aluminium aircraft parts.

With the EBRD loan, UACE will increase its ability across all activities and bring new technologies, including full recycling of metal chips.

The company will further continue training local employees, as well as introduce up-to-date skills and knowledge to Romania.

“That will continue to support our ongoing expansion plans and further our leadership within the aerospace sector.”

By investing in UACE for the second time, EBRD aims to improve the competitiveness of Romania’s private sector and drive job-generating foreign direct investment in the country.

In 2012, UACE received a loan in the same amount from EBRD.

UACE president Dr Jon Kevin Loebbaka said: “The EBRD has been a valued partner in our facility and expansion plans in Romania.

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“UACE has been successful in the aerospace sector in Romania as evidenced by Airbus’s Best Performer Award for top-level industrial performance in 2015. This is a credit to the quality and dedication of UACE’s workforce in Romania.

“That will continue to support our ongoing expansion plans and further our leadership within the aerospace sector.”

The company is currently expanding production in order to fulfil the growing demand from several aircraft manufacturers.

Established in 2008 as a subsidiary of the Swiss-Austrian Montana Tech Components group, UACE currently provides components to various aircraft manufacturers, including Airbus, Boeing, Bombardier and Premium AEROTEC.

EBRD said that in addition to financing Montana Tech Components’ business in Romania, it has provided two loans to improve the group’s business in Croatia.

EBRD has so far invested more than €7bn in Romania and has also mobilised more than €14bn from other sources.

Image: EBRD to grant a €25m in loan to Universal Alloy Corporation Europe in Romania. Photo: courtesy of EBRD.