OREANDA-NEWS. November 16, 2010. The Russian Bank for Development and Investtorgbank have commenced financing a modernization projects “Organization of Production of Glass that Complies with the European Standards” in the Republic of Dagestan, reported the press-centre of RBD.

Investtorgbank has concluded an agreement with OOO Dagestan Glass on financing modernization of the enterprise. The credit resources worth RUR 150 million with a 7-years maturity are allocated under the Program Financing for Innovations and Modernization. Total investments in the project surpass RUR 935 million. Czech Company Sklostroj Turnov (major supplier of the engineering equipment) in cooperation with Czech Export Bank (СЕВ) invests in the project over RUR 700 million.

The initiator of the project – OOO Dagestan Glass – is one of the oldest enterprises in Russia. Founded in 1926 the plant was the flagship of the domestic glass industry. Currently the workshops are being reconstructed and upgraded on the basis of the Czech equipment.

According to the project with Sklostroj Turnov two glass production lines will be replaced, and it will enable to bring the production quality and assortment to the European standards and to reduce its net cost by far. It is anticipated to build new energy-saving furnaces and tint glass production lines.

The RBD’s Program Financing for Innovations and Modernization is designed to provide affordable and long-term resources to SMEs.