ArcelorMittal Kryvyi Rih Gets EBRD Boost

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The European Bank for Reconstruction and Development (EBRD) is to provide a loan of up to 350 million US dollars to support the modernisation and environmental upgrade of Ukraine’s largest steel mill, PubJSC ArcelorMittal Kryvyi Rih.

The loan will help finance ongoing investments at the mill, which is owned by global steel maker ArcelorMittal and represents the largest private sector investment programme in Ukraine in recent years.

“We are very happy to be investing with our long-term partner, ArcelorMittal, said Francis Malige, EBRD Managing Director for Eastern Europe and the Caucasus. “This financing is a very good example of the benefits that can be derived from foreign direct investment. This particular investment brings to Ukraine the highest standards in corporate governance as well as advanced environmental practices and technologies.”

Paramjit Kahlon, Director General Arcelor, Mittal Kryvyi Rih, said: “this project proves our commitment at ArcelorMittal Kryvyi Rih to significantly reduce our environmental footprint. We are grateful for the EBRD’s support and guidance in helping us to make this important considerable investment in us and the region.”

The EBRD loan will be structured as an A-loan of up to 200 million US dollars provided for the bank’s own account and a B-loan of up to 150 million US dollars, which will be syndicated to commercial banks.

The EBRD is the largest international financial investor in Ukraine. To date, the Bank has made a cumulative commitment of almost 11.6 billion euros through 383 projects since the start of its operations in the country in 1993.

Mr Malige has also however called on the Ukraine to prevent the country from backsliding on corruption. “Reform in Ukraine is being rolled back, it would seem… But while the pushbacks are real, they also show that reforms are biting…Achieving reform in these times requires an approach that tightly coordinates the positions of the international community around shared objectives,” he wrote in an article in the Financial Times newspaper.

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EY: Belarus’ IT Scene Is Thriving

High tech park minsk

Industrial Production Prices in New Increase

electricity

One in Five Poles Unaware of Source of Funds for 500 Plus Programme

Visegrad Group Looks East

Georgia’s Great Potential

The highland agriculture lands in Gudauri with the herd of sheep grazing here Georgia.

Poland Must Preserve Wilson Spirit

Still Potential for Growth in CEE as Economies Stabilise

Economy builds bridges in Mostar

Bulgarian Capital Pulls Above Its Weight

sofia

Albania’s Construction Sector Supports the Country’s Growth

SARANDA, ALBANIA - MAY 18: View of the city Saranda, most important tourist attraction of the Albanian Riviera on May 18, 2017 in Saranda, Albania.

Revenues Of Bulgarian IT Companies Have Sextupled In the Last Decade

Georgian PM Reshapes and Reshuffles Cabinet

Giorgi Kvirikashvili

Poland’s Business Constitution Must Be Finalised

Front of finance ministry in Warsaw Poland with a fountain framing the entrance. Could be used for images about Euro currency problems

UK Economic Growth Slows as Brexit Uncertainty Bites

flags of UK and EU combined over icons of London - Brexit concept

Poland Stays Cool on Euro Adoption

Euro cash and Zloty on one photo.

Euroscepticism in Serbia: An Image Problem?

Western Ukraine Could Be an Entry Point into the Country

Measure, Strengthen, and Grow

dacia brand

Romanian Cabinet Reshuffled as New Splits Emerge in Ruling Party

BUCHAREST ROMANIA - MAY 25 2014: The Victoria Palace. Victoria Square.

High-Tech Park in Minsk is growing rapidly

EBRD Transition Report Highlights Financial Sector Resilience

Baku

Serbia Drafts New Competition Law

serbia belgrade flag

World Bank: Western Balkans Need to Speed Up Growth For Faster Convergence

world bank

Czech Republic Raises Interest Rates

czech koruna

EU May Offer Georgia, Moldova and Ukraine Customs Union and Schengen Access

schengen

ICT Growth Continues to Boost Bosnian Economy

ict, it

Hungary’s Solar Dreamer

hand sun and blue sky with copyspace showing freedom or solar power concept

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