EDB to take part in financing construction of a medical and cosmetic glass plant for a total of up to RUB 4.8 billion
St. Petersburg, 1 June 2017. Eurasian Development Bank (EDB) intends to take part in financing construction of a medical and cosmetic glass plant by MedicalGlassStandard (MGS). The respective letter of intent was signed by Dmitry Pankin, Chairman of the Management Board at EDB, and Vasily Anisimov, Managing Partner at MGS, in the sidelines of the St. Petersburg International Economic Forum on 1 June 2017. The signature ceremony was attended by Andrey Vorobyov, Governor of Moscow Region.
The project envisions construction of a medical and cosmetic glass plant. EDB will provide up to RUB 4.8 billion for ten years. MGS will invest up to RUB 1.2 billion of its own funds.
The first phase (an annual output of 25,500 tonnes of hydrolytic class 2 glassware) is scheduled to be commissioned in the first quarter of 2019. The full production capacity (an additional 7,000 tonnes of hydrolytic class 1 glassware) is expected to be achieved in 2022. The plant will be built in the Central Industrial Park in Domodedovo, Moscow Region.
“This is an integration project. It will create a world-class production facility that has no analogues in the Eurasian Economic Union,” Dmitry Pankin says.
“The EAEU countries import 100% of these products from Europe at the moment. It is planned that a significant portion of products will be sold in the Eurasian Economic Union where they will have a competitive price compared to European imports,” Vasily Anisimov adds.
Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. EDB’s charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.
MedicalGlassStandard (MGS) is an operator established by COALCO to launch and operate the plant, supervise all organisational and technological processes, ensure quality control, sales, as well as imports and exports.
The Coalco Group of Companies is a leading Russian developer managing residential, commercial and industrial real estate projects, land assets, and integrated property development projects in Moscow and Moscow Region.
Read more at https://coalco.ru/
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