OREANDA-NEWS. June 26, 2009. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and Group LSR signed a package of credit documentation to finance a project to build a cement factory in the city of Slantsy of the Leningrad region.

On behalf of Vnesheconombank the documentation was signed by Management Board Member - Vnesheconombank Deputy Chairman Anatoly Ballo, on behalf of Group LSR – by its General Director Igor Levit.

In order to finance the said project Vnesheconombank is to open credit lines for a total amount of 237 million euros for a period of 10 years.

The project is designed for launching a full-cycle cement production facility with a capacity of 1.86 million tons of finished product per year. Unique technological equipment is to be used for manufacturing cement. This equipment makes it possible to significantly reduce resources and power consumption.

Once a cement factory has been launched more than 400 jobs will be created and budgets of all levels are expected to receive about 2 billion rubles per year.