OREANDA-NEWS. Vnesheconombank and Ltd Kama Crystal Technology (the Republic of Tatarstan) entered into a Credit Agreement to fund the construction of a plant to manufacture synthetic sapphire for optoelectronics. The Agreement was signed in the city of NaberezhnyeChelny in the presence of Tatarstan's President RustamMinnikhanov.

On behalf of Vnesheconombank the Agreement was signed by Chairman Vladimir Dmitriev and on behalf of the company - by Project Manager Leonid Anisimov.

The total value of the project "Manufacturing of Synthetic Sapphire for Optoelectronics" in the city of NaberezhnyeChelny is 6.3 billion rubles. The Bank's funds in the amount of 4.55 billion rubles are to be used to finance capital investment related to completing the construction of production facilities and purchasing equipment.

The project provides for creating an innovation production facility whose technological capabilities will make it possible to carry out a synthetic sapphire full production cycle: raw materials manufacturing,sapphire growingand finished products output. Finished products - cylinders and polished plates from sapphire of various diameters (from 2 to 8 inches) to be used in optoelectronics and microelectronics (fabricated parts for manufacturing fiber waveguidesand integrated circuits) as well as products used in optics, medicine, watchmaking and chemical industries as well as in other sectors. Geography of potential consumers numbers about 40 countries in the world, with the largest consumers of sapphires being South-East Asian countries (China, Taiwan, South Korea, and Japan).

The project also provides for constructing a plant to manufacture raw materials for growing synthetic sapphire - extremely pure aluminum oxide and this will make it possible to eliminate dependence on foreign supplies. Ltd Kama Crystal Technology plans to use its own funds to finance the construction of aluminum oxide manufacturing plant.

This project is designed to develop multi-profile municipality - the city of NaberezhnyeChelny of the Kama Innovation Territorial-Production Cluster. As a result of this project's implementation revenues in budgets of all levels are to amount to 2.2 billion rubles, more than 400 new permanent qualified jobs are to be created.

Investment projects' implementation designed to develop multi-profile municipalities and territorial clusters as well as implementation of innovation development projects is one of VEB's main lines of activity.

Ltd Kama Crystal Technology is an innovationvertically integrated production facility applying knowledge-intensive and high technologies in synthesizing leucosapphiremonocrystals for electronic, optoelectronic, chemical, aviation, watchmaking and other industries. Nowadays, Kama Crystal Technology is implementing an innovation project "Manufacturing of Synthetic Sapphire" in the city of NaberezhnyeChelny in the Republic of Tatarstan.