Covestro signs loan facility with European Investment Bank for R&D activities
Covestro has agreed a loan with the European Investment Bank (EIB) for EUR 225 million.
The loan is supposed to provide medium term funding to strengthen Covestro’s research and development (R&D) work in the areas of sustainability and circular economy within the European Union (EU).
Discussions with EIB started already in 2019 to identify R&D projects which would be compatible with the financing requirements of the EIB. These require that funding is applied to projects which meet high standards of technical, ecological and social responsiblility.
“The core of our R&D activity is innovation” said Dr. Thomas Toepfer, 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.”
“Continuing our regular business”
EIB Vice-President Ambroise Fayolle, responsible for the bank’s operations in Germany and innovation, said: “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. 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.”
