Background

IBEС participates in the development of the Elga coal deposit

On the sidelines of the SPIEF, a new promising project was drawn up – IBEC and Metpromstroy signed an Agreement of Intent on the provision of a guarantee. The document was signed by the Chairman of the IBEC Board Denis Ivanov and the President of Metpromstroy LLC Andrey Deineko.

Metpromstroy is the leader in industrial engineering in the mining and metallurgical complex. Over 26 years of its history, the company has implemented more than 50 projects for such clients as NLMK, EVRAZ Group, Mechel, Severstal, ArcelorMittal. Long-standing partnership and a number of already implemented projects are connecting IBEC with Metpromstroy.

The Bank is currently considering issuing an advance payment guarantee for the implementation of a project for the construction of three processing plants at the Elginskoye coal deposit, the largest one in the Russian Federation. The estimated size of the guarantee is up to 3.3 billion rubles for a period of 16 months. According to Denis Ivanov: “This is a very important strategic project with huge export potential and aiming at the country's energy security, and we are pleased to continue our productive partnership with Metprosmtroy LLC and support the project by issuing advance payment guarantees. The signed agreement includes all the basic conditions for issuing a guarantee, and we hope to move on to its practical implementation in the coming weeks".

Andrey Deyneko emphasized: “Close cooperation with IBEC allowed us to develop mechanisms and instruments of banking support that meet the requirements of the most picky customers and meet leading international standards, which creates the basis for the timely and successful implementation of the project, adding to the professional engineering and construction competencies of the Metpromstroy and RTI consortium the financial security aspect".

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