Finnish technology and services company Metso Outotec has chosen Citi to run a sustainable supply chain finance programme for its suppliers in Turkey, backed by the European Bank for Reconstruction and Development (EBRD).
The project will offer early payment to Turkish suppliers that meet emissions reduction targets, funded by up to €25 million from the Türkiye-EBRD Cooperation Fund.
Headquartered in Helsinki and with a presence in more than 50 countries globally, Metso Outotec provides technology, end-to-end solutions and services for the aggregates, minerals processing, and metals processing industries. Its efforts to reduce emissions in its supply chain include setting science-based targets for reducing its scope 1 and 2 emissions, as well as committing to addressing scope 3 emissions attributable to its supply chain, which runs across more than 80 countries.
Chris Cox, Citi Global Head of Trade and Working Capital Solutions (right), said the project, "Demonstrates the benefits Citi Sustainable Supply Chain Finance has in advancing ESG-related objectives by incentivising suppliers for delivering Metso-EBRD targets. This collaborative effort enables improved working capital solutions and is a great example of a client partnership which drives us to build the future of commerce today.”
“Supply chain finance is a proven instrument for delivering accessible liquidity to SME suppliers and improving the resilience and interconnectivity of regional and global supply chains,” said Arvid Tuerkner, EBRD Managing Director for Türkiye. “We are happy to be partnering with Citi and Metso Outotec on this project, which contributes not only to providing access to working capital finance for Metso Outotec’s Turkish suppliers, but also to supporting their green transition at scale.
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