By ICN GroupPetro Chemical, March 26, 2020
Covestro signs EUR 225 million loan facility with EIB for R&D activities
The loan will provide medium term funding to strengthen Covestro’s research and development work in the areas of sustainability and circular economy within the European Union
Covestro has agreed a loan with the European Investment Bank for €225 million.
The loan will provide medium term funding to strengthen Covestro’s research and development work in the areas of sustainability and circular economy within the European Union.
Dr Thomas Toepfer, CFO of Covestro, said “The core of our R&D activity is innovation. This loan provides us with additional financial flexibility to push forward our strategic focus in the areas of sustainability and the circular economy.”
Ambroise Fayolle, EIB Vice-President, said “In times when Member States and EU institutions are putting in place multi-billion euro programmes in response to the crisis caused by coronavirus, it is also important to demonstrate the we are continuing our regular business in support of companies. I am therefore very pleased that we have just signed this loan with circular economy pioneer Covestro, as support for the climate and environment is among the EIB’s top priorities.”
The EIB loan provides a further commitment of Covestro to sustainability. It complements the recently renewed syndicated revolving credit facility of EUR 2.5 billion, whose interest rate is linked to the company’s Environment, Social Governance (ESG) rating.