OREANDA-NEWS. October 04, 2010. Vnesheconombank is to invest more than 7 billion rubles in building a float glass manufacturing factory in Dagestan, said Vnesheconombank Chairman.

“We hope that in the most immediate future after a detailed comprehensive examination of all documents is completed, funds would be made available and the amount of funds is as much as 10 billion rules, with Vnesheconombank’s participation share being more than 7 billion rubles”, said Dmitriev at a briefing on Thursday.

According to him, an appropriate decision was made at VEB’s Supervisory Board meeting on Thursday.

He added that the said glass factory was to be built near Makhachkala and it would be equipped with state-of-the- art equipment. Private investments would amount to about 30%.

Moreover, Dagestan’s authorities are already rendering assistance in allocating a plot of land and in building an infrastructure. Dagestan’s float glass factory’s capacity is to be 600 tons per day. The project provides for building a new high-technology production facility of various types of glass capable of meeting the construction industry’s needs in the Northern Caucasian, Southern, Volga and Central Federal Districts, the Press Office of the Russian Government was quoted as saying.

The glass factory would manufacture top-quality innovative products having unique energy-saving qualities – a 30% percent reduction in thermal losses in a cold period of the year and a 30-45% solar energy reduction in a warm period of the year.

A manufacturing technology is to be provided under a license of the world’s largest manufacturer of new extra-thin glass coatings, PPG Industries (the U.S.).

The project’s implementation is expected to create 300 new jobs and increase tax revenues in the budgets of all levels.