15 March 2004 13:23
IFC OFFERS 42.5 MLN-EURO RAMENSKOYE GLASS PLANT BUILDING LOAN
MOSCOW/WASHINGTON. March 15 (Interfax) - The International Finance Corporation (IFC) is offering glass company
Pilkington Glass a 42.5 million-euro loan to finance the building of a glass factory in the Moscow region town of
Ramenskoye, an IFC press release reports.
"The benefits of the project to the Russian economy are multiple. Besides channeling foreign investment, the
project will bring world- class technology in glass production, promote healthy competition in the sector, and generate
opportunities for local small businesses servicing the new plant," said Edward Nassim, IFC director for Central and
Eastern Europe.
Pilkington Glass is a joint enterprise held equally by world glass
major Pilkington plc and Emerging Markets Partnership (EMP). The
The construction project carries an overall price tag of 193 million euros (roughly $156 million). The resultant
facilities will be able to produce 243,000 tonnes of glass annually. Expectations are that the new plant will begin
operations in two years' time, providing an initial 200 jobs.
European Bank for Reconstruction and Development (EBRD) is co-financing the factory project.
[Interfax] |
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