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CNGR receives US$150 million long-term green credit from the International Finance Corporation of the World Bank Group

2022-03-28 Pageviews:451

  On 30 December 2021, CNGR Advanced Materials Co., Ltd. officially signed a green loan agreement with the International Finance Corporation (IFC) of the World Bank Group and was approved for a long-term green credit of US$150 million, which was officially disbursed on 25 March. This is another recognition from the international financial market following the company's successful issuance of green dollar bonds, fully demonstrating the World Bank's recognition and support for CNGR's focus on the advanced energy materials industry.

  According to the loan agreement, the loan has seven years. The interest rate is lower than the market rate for domestic loans for the same period, effectively reducing the Company's financing costs, accelerating the construction of industrial projects and enhancing the Company's profitability. It is reported that the green loan will be mainly used for the recycling project of waste batteries and the construction of comprehensive facilities in the southern industrial base of Qinzhou, Guangxi, in order to reduce environmental pollution, reduce carbon emissions and promote economic development of border crossing areas. At present, CNGR has established industrial bases in Tongren, Guizhou, Qinzhou, Guangxi, Changsha, Hunan and Guiyang, Guizhou, and accelerated the construction of an industrial base in Indonesia, forming a two-wheel-drive development model of advanced energy lithium precursor materials and resource security development, continuing to plough into the field of advanced energy materials, helping the national "carbon peak, carbon neutral" strategy to make positive contributions to climate change. 

  CNGR also actively laid out the recycling industry chain. On 21 January 2021, the company was successfully selected as the second batch of enterprises in the "Advanced Energy Vehicle Waste Power Battery Comprehensive Utilization Industry Specification Conditions" list by the State Ministry of Industry and Information Technology, marking the company's official qualification for advanced energy vehicle power battery recycling, the construction of a comprehensive recycling line for waste power batteries in Guizhou, the layout of recycling outlets in key regions across the country, and the acceleration of the recycling industry for waste power batteries. Internationally, the company has strategically acquired a stake in SungEel Hitech, a well-known recycling company in Korea, to lay out the global recycling market; signed a contract to land a precursor + recycling integrated industrial base in Finland, and will lay out recycling outlets in Europe to open up the global recycling industry chain. The loan will accelerate the company's global recycling industry layout, speed up the construction of project production lines and network infrastructure, and contribute to reducing the impact of waste batteries on the environment by CNGR.

  In 2022, the company  focuses on "internationalisation, diversification and streamlining" as its development theme. The cooperation with the World Bank is an important step to accelerate the company's integration into the international financial market. CNGR will build on the World Bank's IFC's leading global investment experience, international industrial vision and industry technology consulting to promote the company's internationalisation and the integrated development of the advanced energy industry chain and become the world's most valuable integrated service provider of advanced energy materials. It is reported that the International Finance Corporation (IFC) of the World Bank Group, founded in 1956 and with 184 member countries, is the world's largest international development institution focused on the private sector in developing countries. Its mission is to promote the development of the private sector in developing countries, help enterprises and financial institutions in emerging markets to create jobs and tax revenues, improve corporate governance and environmental performance, and contribute to local socio-economic development. As one of the five member institutions of the World Bank, IFC has high standards and requirements for pre-vetting and due diligence on loan matters. Up to now, it has committed over US$16 billion to about 400 projects in 30 provinces, municipalities and autonomous regions in China, with investments and service enterprises including China Postal Savings Bank, China Water Group, China Gas, Fosun Pharmaceutical, Baidu and other enterprises.

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