MKB Has Provided "Green" Loan to TMK
Credit Bank of Moscow (MKB) has provided financing to TMK for up to 36 months.
The proceeds will be applied to refinance the costs of the AQA Genesis environmental project carried out at TMK's Pervouralsk Pipe Plant. It is the Company's first "green" loan.
AQA Genesis water treatment facility was launched in September 2020 as a part of a multistage water consumption system upgrade project and ensures close-circuit water supply for pipe production.
"MKB promotes the ESG agenda and welcomes sustainable development projects, – notes Oleg Borunov, Deputy Chairman of the Management Board of MKB. – This is not the first time that we help our customers in carrying out sustainable development initiatives. In particular, TMK seeks to use natural resources mindfully and reduce its adverse impact on bodies of water. This project is eligible under MKB's internal taxonomy. Our joint ambition for the next year is to expand the "green" loan portfolio and work on TMK's other similar initiatives".
"TMK adheres to sustainable development principles in carrying out any investment programmes. In upgrading our equipment, environmental considerations take precedence. One of the priority areas in this work is the implementation of recirculating water supply. As at today, the closed circuit is already ensured at 96% of our production facilities, and we continue to work on improving this ratio. Taking a "green" loan to refinance AQA Genesis project is another important step towards this goal," said Igor Korytko, TMK's CEO.