By KYIV. Dec 15 (Interfax-Ukraine) – The European Bank for Reconstruction and Development (EBRD) will provide a $100 million loan to ArcelorMittal Kryvyi Rih (Dnipropetrovsk region) to replenish working capital.
"The loan will be used for financing of the working capital needs of the company to ensure the continuity of operations in Ukraine," the bank said.
The bank’s board approved the project at a meeting on December 14.
"The bank provided financing to the company in 2017 and developed a comprehensive Environmental and Social Action Plan (ESAP) to allow the company to attain significant environmental and social improvements and attain EU environmental standards in the long term as well as Arcelor Mittal’s Group (AM) decarburization commitments. The bank has been monitoring the implementation of the ESAP and has undertaken monitoring visits to the company in recent years. Overall the company has been on track with implementation and has provided reporting in line with requirements," it said.
"The provision of working capital under the Ukraine resilience framework will allow, among other things, for the continuation of the investment plans and implementation of the existing ESAP, which in turn will allow for significant environmental and community health and safety improvements at the site," the EBRD said.
"This investment process is ongoing, with work on sinter lines in place as well as air abatement facilities. However, some of the investments planned for 2022-3 have been delayed due to the ongoing war and proximity of conflict," it stated.
