IBEC provides financing to the leader of world metallurgy
International Bank for Economic Co-operation has provided a long-term credit line to Metalloinvest company in the amount of up to 40 million euro. The agreement signed by IBEC and Metalloinvest ensures the provision of loans for 3 years, repayment within 7 years. The funds will be used to finance the cost of importing new high-tech equipment. In the context of macroeconomic and socio-political uncertainty, such a long-term transaction demonstrates the confidence of partners in mutual plans and sustainability of business processes.
Metalloinvest is a leading manufacturer and supplier of iron ore products and hot-braced iron in the world market and one of the regional producers of high-quality steel. According to its Finance Director Alexey Voronov, this is the first deal with a supranational financial institution for the company; it gives access to new financing capacities and creates an additional source of liquidity; its special feature is a combination of long-term nature and attractive commercial conditions.
“For the Bank, this deal is attractive not only for commercial reasons. We got a stable company of international level, with ambitious plans and long-term prospects as a client. For IBEC, which is undergoing a renewal process, it is important to attract partners of such a high level,” - said Peter Osvald, member of the IBEC Board.