An agreement was signed on Thursday in London on the provision of long-term financing in the amount of PLN 700m (EUR 170m). 

“Through this strategic partnership with the EIB and EBRD, we are well positioned to fully leverage the potential of the Polish chemical industry. Thanks to our consistent consolidation of the industry in Poland, we have become a leading force on the European chemical and fertilizer market. With long-term financing of PLN 700m, guaranteed by Europe’s largest banks, we will be able to pursue further projects of key importance to our strategy,” said Paweł Jarczewski, President of the Grupa Azoty Management Board.

Signed during an official ceremony at the EBRD London headquarters, the agreement provides for ten-year credit facilities of PLN 550m (EUR 134m) and PLN 150m (EUR 37m), from the European Investment Bank and the European Bank for Reconstruction and Development respectively. “The European Investment Bank is a major investor on the Polish market and a partner for businesses which implement promising projects and strategies. Our top priority is to improve competitiveness in Poland by supporting innovation and international growth of companies such as Grupa Azoty. Grupa Azoty’s strategy makes the European chemical market more globally competitive and energy-efficient. The European Investment Bank is very happy to support Grupa Azoty’s development,” said Werner Hoyer, President of the EIB.“We are glad that we can provide Grupa Azoty with long-term financing, which will allow it to grow into a major international player. We are very satisfied with Grupa Azoty’s performance to date and we fully support the dynamic growth strategy adopted by its Management Board,” added Suma Chakrabarti, President of the European Bank for Reconstruction and Development.

Both facilities are part of a larger financing package with a total value of PLN 2.2bn (EUR 504m), designed to fund Grupa Azoty’s development in line with its growth strategy until 2020, including plans to enter new regional markets. The remaining PLN 1.5bn (EUR 370m) will be provided by a syndicate of Polish banks, including PKO BP S.A., BGK, BZ WBK S.A. and ING BSK S.A.