OREANDA-NEWS. December 11, 2012. In the city of Grozny, in the presence of Presidential Envoy to the North Caucasus Federal District Alexandr Khloponin and Chechen Leader Ramzan Kadyrov, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and Closed Joint Stock Company the Kazbek Innovation Construction Technopark signed a credit agreement on extending 4.4 billion rubles for a period of 9.5 years.

On behalf of Vnesheconombank the agreement was signed by Deputy Chairman Anatoly Ballo and on behalf of the Kazbek Innovation Construction Technopark – by Director General Asvad Baisulaev.

Under the agreement credit resources are to be used to fund the project on the construction of the first innovation technopark on the territory of the Chechen Republic. The technopark integrates a complex of four interrelated facilities to manufacture advanced building materials: gas concrete blocks and slabs, fiber reinforced cement slabs, dry construction mixes and builder’s lime.

The project is included in the list of top-priority projects of the Chechen Republic as well as in the list of attractive projects of the North Caucasus Federal District’s Development Strategy up to the year 2025.

The project is designed to provide the construction market of the North Caucasus Federal with quality and affordable construction materials on the basis of developing the region’s own mineral raw materials.

A decision on the Bank’s participation in this project was approved by Vnesheconombank’s Supervisory Board in April of 2012.

The project was prepared with the assistance and direct participation of Vnesheconombank’s Representative Office in the North Caucasus Federal District headed by Arsan Demelkhanov.

In view of the project’s considerable significance for socio-economic development of the North Caucasus Federal District, the North Caucasus Development Corporation will participate in implementing the project through entering into the borrower’s charter capital.

The project’s total value is 5 billion rubles. Vnesheconombank’s credit will be used to purchase foreign equipment, build the project’s main production facilities and create required infrastructure.

The project’s implementation would help to create more than 250 new jobs as well as increase employment in related sectors by more than 2 thousand workers, introduce resource-saving technologies in the construction sector of North Caucasus republics and successfully implement the government program “Providing Affordable and Comfortable Housing for Russian Citizens in the North Caucasus” among other things by way of reducing housing construction costs by at least 30% and create an additional source of tax revenues in the budget of the Chechen Republic.