Kazakh Development Bank allots Euro 120 mln for glass factory construction
ASTANA. March 1. KAZINFORM. A solemn foundation stone ceremony of the float glass works has taken place today in Titov village, nearby Kyzylorda, Kazakhstan. The glass manufacturing works is purposed to create the national glass industry, satisfy the construction industry needs, achieve multiplicative effect for the development of other sectors, the BankТs press service informs. Participation of the strategic partner as EnglandТs Pilkington plc in the project will let turn out the competitive products, meeting the world standards. To date a group of Pilkington companies produce more than 15% of the world total of the sheet glass. The overall value of the glass works construction Pilkington KZ TOO makes Euro 185 300 000. The Kazakhstan Development Bank will allocate Euro 120 300 000 or 65% of the project cost. Besides, the Kazakh Investment Fund is taking an active part in the project as well. The factoryТs estimated production capacity will make 500-600 tons of glass per 24 hours. The share of its output sales on the domestic market is believed to keep on increasing by 15-20 per cent for five years ahead. It is planned to put the works into operation in 2009.