The loan is backed by Finland’s export credit agency, Finnvera (ECA). Under the agreement, Deutsche Bank is acting as the sole arranger and lender, while legal advisory is being provided by Norton Rose Fulbright.
The loan will finance equipment supplied by Metso Finland, which will be used for Northern Iron Ore’s project aimed at concentrating beneficiation waste.
Metinvest CEO Yuriy Ryzhenkov commented on the deal:
“This transaction marks a significant milestone for the Group. It underscores our long-term commitment to our operations in Ukraine, particularly Northern Iron Ore. Despite ongoing security challenges, we remain determined to maintain the operational capacity of this strategic iron ore asset and enhance its environmental sustainability. We are grateful to our partners and all parties involved for helping us secure the Group’s first ECA-backed loan since the full-scale invasion began.”
Moritz Doernemann, Co-Head of Global Structured Trade and Export Finance at Deutsche Bank, added:
“We are proud to support Metinvest, a long-standing client, in this strategic project. This deal highlights the strategic importance of both Metinvest and Ukraine to Deutsche Bank. It also reflects our commitment to providing tailored financing solutions amid a complex geopolitical environment.”
David Milligan, partner at Norton Rose Fulbright, expressed satisfaction with the deal, noting that all stakeholders successfully managed the process.
This loan represents a major milestone as the first ECA-backed financing Metinvest has received since the full-scale invasion, and it is also seen as a sign of continued international investor confidence in Ukraine.
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