Covestro Signs Loan Facility with European Investment Bank to Support Research and Development Activities
Last year, Covestro put in place a global strategic program to establish the theme of circular economy throughout all areas of the company.
Covestro recently announced that it will take a loan with the European Investment Bank (EIB) for €225 million (approximately $243.7 million) to provide medium-term funding to strengthen its R&D work in the areas of sustainability and circular economy within the European Union (EU). According to Covestro, discussions with EIB started in 2019 to identify R&D projects that would be compatible with the financing requirements of the EIB (funding must be applied to projects that meet high standards of technical, ecological, and social responsibility).
“The core of our R&D activity is innovation,” said Thomas Toepfer, Ph.D., CFO of Covestro. “This loan provides us with additional financial flexibility to push forward our strategic focus in the areas of sustainability and the circular economy.”
“In times when Member States and EU institutions are putting in place multi-billion euro programmes in response to the crisis caused by COVID-19, it is also important to demonstrate that we are continuing our regular business in support of companies,” said Ambroise Fayolle, EIB vice president responsible for the bank’s operations in Germany and innovation. “I am therefore very pleased that we have just signed this loan with circular economy pioneer Covestro, as support for the climate and environment is among the EIB’s top priorities.”
Last year, Covestro put in place a global strategic program to establish the theme of circular economy throughout all areas of the company. The main principles are to improve recycling from plastic waste and the development of innovative technical and production methods in the use of alternative raw materials.
For more information, visit www.covestro.com.