Montenegro to Repay Deutsche Bank Loan to KAP
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Montenegro will pay back a 22 million-euro ($29.3 million) loan that Kombinat Aluminijuma Podgorica AD, partly owned by Oleg Deripaska’s En+ Group, took out from Deutsche Bank AG and failed to service.
The German bank told the government it is activating a guarantee the state provided in 2009 when it backed the loan to the aluminum producer, the biggest industrial plant in the smallest former Yugoslav republic. Montenegro will use budget proceeds to satisfy the bank demands, the Finance Ministry said in an e-mailed statement.