EIB and EBRD join hands to support new project of Grupa Azoty
13:52
The European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) are teaming up to support further expansion of Grupa Azoty, Poland’s leading chemical and fertiliser company. The agreements, signed in London on Thursday, provide the Polish company with a PLN 700m (€170m) long-term financing facility.
The facility, confirmed at a signing ceremony at the EBRD’s headquarters in the City of London, consists of two separate 10-year loans: a PLN 550m (€134m) loan from the EIB and a PLN 150m (€37m) loan from the EBRD. It is a part of a larger PLN 2.2bn (€504m) long-term package designed to finance Grupa Azoty’s growth in line with the company’s 2020 Strategy, including plans for further expansion to new markets in the region and overseas. The remaining PLN 1.5bn (€370m) will be provided by a separate loan signed earlier this month with a consortium of Polish banks.
Paweł Jarczewski, CEO of Grupa Azoty, commented:
”Through the strong partnership with the EBRD and the EIB, we will be able to tap into the full potential of the Polish chemical industry. Using Poland’s unique success story and geographical location in the heart of Europe we aim to become a key European player by 2020.
Our 2020 Strategy, accepted by the Board last year, envisages a number of world-class investments and an ambitious plan of regional expansion, and I am delighted that the EBRD and the EIB share our vision for the future, for the benefit of Poland and the region.”
