Recently, COBCO S.A. -- CNGR Advanced Material Co., Ltd.'s joint venture in Morocco established with local conglomerate Al Mada -- successfully secured international green syndicated financing, accelerating project operations and enhancing service capabilities for European and American markets.
In collaboration with policy-oriented export credit agency China Export & Credit Insurance Corporation (Sinosure) and global financial institutions, CNGR implemented a tailored financing model to fund the project's annual production capacity of 40,000 metric tonnes of high-performance nickel-based precursor materials. This marks CNGR's first application of such a financing approach, adding robust financial support for its global expansion.
The project's Phase I production line commenced full operations in June this year, becoming CNGR's first overseas new energy material project and the first operational new energy battery industry chain project in Africa. Leveraging Morocco's free trade agreements with the U.S. and EU, the facility will strengthen CNGR's global production network and rapidly serve high-end markets in Europe and America.
The financing consortium comprised banks from Europe, mainland China, Hong Kong, and Africa, with BNP Paribas, Standard Chartered Bank, and China Construction Bank (Paris Branch) acting as lead arrangers. Their expertise in cross-border financing and green finance ensured compliance with international sustainability standards.
Written by Cora Ji, jiruyan@mysteel.com
