Credit Bank of Moscow and UMMC signed an ESG financing credit facility
Credit Bank of Moscow (MKB) has entered into a credit facility with JSC «UMMC» covering potential needs for financing the ESG-related activity of Mining and Metallurgical Company.
The credit facility is to support the UMMC’s environmental initiatives in the regions of its presence.
“Since its very foundation UMMC has been making reasonable efforts to implement the variety of ESG-related activities addressed to lower negative impact on the environment, to improve the overall ecological situation and to address the existing social issues in the regions of UMMC. For the last 10 years, the enterprises of UMMC Group have reduced the air emissions by 25% and have reached 85% share of recycled water supplies in our water balance. Total costs of the environmental activity for the last decade have exceeded 30 bln RUR”, commented Andrey Kozitsyn, CEO of JSC “UMMC”. “We are pleased our business partners do endorse our objectives and intensively support us in our efforts with the various financial instruments”.
“Contribution to the strengthening business sustainability of our clients and building a responsible attitude to the environment denotes a part of MKB’s ESG-strategy. The Bank prioritizes the environmentally-beneficial projects providing preferential terms”, - stated Alexander Kaznacheev, Deputy Chair of MKB.
MKB is ranked Top-5 most innovative Russian banks in the sustainable development according to the Review 2020 by WWF, European University in Saint-Petersburg and Analytical Center of the National Rating Agency. MKB is the first Russian Bank that obtained ESG-rating BBB[esg] level from RAEX Europe. The Bank has taken the first place among the banks in RAEX Europe’s ESG-ranking as published in January, 2021.
Ural Mining&Metallurgical Company (UMMC) is a Russian mining and metallurgical holding, one of the largest producers of copper, zinc, coal and precious metals in the country. On the top of that, UMMC produces lead, selenium, tellurium, copper and nickel sulphates, and other by-products. The fundamental principle of the company is a circular process chain: from mining of raw materials to the production of finished products (copper rod, rolled products, cable conductors, heat exchangers).
UMMC unites about 40 operations and factories both in Russia and abroad. Company is headquartered in the town of Verkhnyaya Pyshma (Sverdlovsk region).