Financing of Valmet’s exports to the United Arab Emirates
SEK has financed Valmet’s delivery and installation of a production line for tissue in Abu Dhabi in the United Arab Emirates.
The purchaser Crown Paper has a paper mill that following Valmet’s delivery can increase annual production capacity by 65,000 tons of FSC-certified tissue.
Valmet owns several production plants and research and development units in Sweden, the largest of which are in Gothenburg, Karlstad and Sundsvall.
The Group has about 1,500 employees in Sweden.
In conjunction with this transaction, we have conducted an in-depth sustainability review and categorized the transaction as a B project. This means that the project entails a risk for a degree of environmental and societal impact. SEK monitors the project through continuous incident searches and via checks of compliance with the agreement’s sustainability covenants.
Facts and business partners
Amount: Equivalent in USD of EUR 54 million, relates to a production line for tissue from Valmet and other costs associated with the project.
Borrower: Crown Paper Mill Ltd, United Arab Emirates
Exporter: Valmet AB
Agent bank: HSBC Bank plc
Guaranteed by: HSBC Bank plc and EKN