Metalloinvest acts as a partner at the Responsible Financial & Investment Practices in Russia conference
21 February 2020
Metalloinvest was a partner at the second annual Responsible Financial and Investment Practices in Russia conference organised by the newspaper Vedomosti.
Attending the conference were representatives of relevant government departments, banks, and investment funds, companies and associations, including from the Russian Ministry of Industry and Trade, the Russian Ministry of Economic Development, the Russian Union of Industrialists and Entrepreneurs, the Moscow Exchange, Gazprom Bank, the Eurasian Development Bank, the Bank of Russia, the Ministry of Foreign Affairs, VEB.RF, the Federal Council, Sovcombank and the National Association of Concessionaires and Long-Term Investors in Infrastructure (NAKDI). The conference was moderated by Svetlana Bik, Executive Director of NAKDI, Chairman of Expert Council for the long-term investment market at the Bank of Russia, member of the Expert Council for the Ecology national project, and manager of the Competence and Green Expertise Centre at NAKDI.
Conference attendees discussed global climate challenges and Russia’s sustainable development agenda, prospects for the green finance market in Russia, issues on forming a class of responsible investors, and market stimulation and regulation.
Artem Lavrischev, Director of Metalloinvest’s Investor Relations and Rating Agencies Department, stated at the conference: “Metalloinvest is implementing the best practices in the field of sustainable development, which is the basis of the Company’s long-term strategy. We aim at injecting sustainable development principles into relationships with our partners, suppliers, creditors and investors. ESG initiatives add value and improve financial stability, so we are actively working to improve the Company’s performance in the areas of environmental protection, production safety, sustainable procurement and corporate governance.”
In 2018, Metalloinvest received a ‘Silver’ rating from the international rating agency EcoVadis. In 2019, the Company’s improved its rating by 3 points to 60 against an industry average of 43 points. Among metal and steel producers, the Company ranked in top 8% in the "Environment" category and top 4% in the "Labour and Human Rights" category.
In 2019, Metalloinvest became one of the first companies in Russia to enter into a loan agreement on a “green” financing line. ING Bank opened Metalloinvest’s credit line for up to USD 100 mn. Its interest rate is tied to the Company’s EcoVadis rating.
In the third quarter of 2019, Company signed a framework agreement for partnership in financing under the guarantee of foreign export credit agencies with 12 banking partners. The agreement is focused on optimising the attraction of financing under the Company’s investment programme, which includes the acquisition of modern technologies and equipment to reduce environmental impact.
In the fourth quarter of 2019, Metalloinvest signed a new pre-export financing credit line with a group of seven international banks. In the future, the parties intend to link the loan pricing to sustainable development indicators.
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