UKEF lending Roman Abramovich's company £45m

(Management Today, London, 30 September 2015) Evraz, the steel and mining giant that is 30.8% owned by the Russian oligarch and Chelsea FC owner Roman Abramovich, is due to receive a £45m loan from Britain's export credit agency. The loan is part of the UK Export Finance 'direct lending' scheme launched last year by the Government in a bid to meet its target of doubling exports by 2020. The scheme lends money to overseas importers of British goods and services in the hope that it will create jobs in the UK. According to the Times, Evraz will use some of the cash to pay Primetals Technologies (a joint venture between Siemens and Mitshubishi Heavy Industries) to upgrade its steel factory in northern Canada.