Erratic plant Spartan UK, part of a group of companies Metinvest businessman Rinat Akhmetov, and located in the British Newcastle, obtained a revolving line of trade financing in the amount of 15 million pounds ($20,18 million). About it reports a press-service of Metinvest.
The line of credit provided by Bank of London and The Middle East, the largest Islamic Bank in Europe, with an initial term of 12 months and renewable.
“Obtained a credit line marks a number of important developments for the group. In particular, this is the first trade financing received our British asset in recent years. This is also the first Islamic financing for the group,” said Metinvest CEO Yury Ryzhenkov.
“Trade Finance, compliance, Sharia, is not fully represented in the European market, and therefore, we use our unique position in London and the Gulf to work with Metinvest in the framework of this credit line,” said Chris Edwards, Director of trade Finance at Bank of London and The Middle East.
Earlier it was reported that Metinvest plans to return to international bond markets in 2018