OREANDA-NEWS. September 14, 2012.  Dagestan’s President Magomedsalam Magomedov and Deputy Chairman of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ Anatoly Ballo discussed in Makhachkala the Republic’s investment potential and visited a float-glass manufacturing plant under construction with a capacity of 600 tons per day.

Vnesheconombank participates in funding the project on the construction of a float-glass manufacturing plant with a capacity of 600 ton per day. The project is being implemented by OJSC the Kaspian Float Glass Plant. The project’s total value is 10.5 billion rubles, with Vnesheconombank’s participation share being 7.2 billion rubles (69% of the total value). The plant is scheduled to be put into operation in the 3d quarter of 2013; it is to achieve its rated capacity in the 1st-2nd quarter of 2014. The project is oriented to import substitution and export of up to 40% of products including to CIS countries.

A decision to participate in funding the project was made by Vnesheconombank’s Supervisory Board in September of 2010.

In the parties’ opinion this project’s implementation would contribute to Dagestan’s socio-economic development and give an impetus for developing the entire North-Caucasus Federal District. As a result of this project’s implementation, revenues to budgets of all levels are to amount to more than 3.5 billion rubles, more than 500 jobs are planned to be created both in production and related sectors.

At present, Vnesheconombank is making a preliminary expert examination of another major project on the construction of a sulphuric acid and mineral fertilizers production facility as well as a cogeneration power plant in the city of Kizilyurt.

The project on the Construction of a Kaspian float glass plant provides for building a modern high-technology production facility to manufacture transparent, tinted and reflective glass by float method in order to provide construction enterprises with top-quality glass in Russian regions (the North-Caucasus Federal District, the Southern Federal District, the Central Federal District and the Volga Federal District) as well as CIS countries and others (Azerbaijan, Kazakhstan, Turkmenistan, Iran, Turkey, Armenia).

As of now, the project is its active implementation stage:
a pool of contractors and suppliers under the project has been formed;
as of August 2012, more than 90% of total capital investments has been contracted; more than 35% of work and supplies has been paid, the cost of completed work and supplied products amounts to more than 205 of the total cost;
work on building a foundation of a glass-melting furnace has been completed, 98% of structure erection of the storage facility has been completed, work is under way to build a foundation for a tin-melting bath;
the construction of electric substation has been completed, railways and other infrastructure facilities are being built.