Standard Chartered and UniCredit have signed a US$50mn loan backed by export credit agencies (ECAs) for Asian steel company New Carcar Manufacturing (NCMI).

The 11-year facility has received cover from Sace and the Export-Import Bank of the Philippines (PhilExim). Standard Chartered could not reveal the amount provided by each bank when contacted by GTR. The loan will be used to finance a 500,000-tonne rolling mill in Mindanao, Philippines, and increase NCMI’s market share in the country.

The company, a member of the Philippines’ Steel Asia group, believes the project will support economic growth in the Mindanao region. NCMI president Benjamin Yao says: “The project makes sense for fast-growing Mindanao because the region will benefit from the latest cost-efficient and environmentally-friendly steel manufacturing technologies, as well as significant freight savings.”

Italian steel plant manufacturer Revas Technologies has been awarded a lump-sum turnkey contract for the project.

Francesca Beomonte, head of structured trade and export finance Italy, UniCredit, adds: “UniCredit is delighted to promote the supply of Italian goods and services abroad, in particular through one of its [small] steel clients. Supporting customers’ exports is one of the most relevant businesses that can be taken care of by a global bank like UniCredit.”