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.”