VEB.RF and Government of Kaluga Region to Complete Construction of Cement Plant
VEB.RF and the Government of the Kaluga Region are carrying out the project for construction of a cement plant in Maklaki, Duminch District, Kaluga Region. As a major secured creditor, VEB.RF has taken a strategic decision to develop the asset. “The project is fully aligned with VEB.RF’s mission as the development institution; it presents new opportunities for developing the country's economy and construction sector, creates jobs and improves quality of life. The Government of the Kaluga Region is our key partner. To complete the construction, VEB.RF will use all its tools, bringing the best technological expertise and import-substituting solutions”, VEB.RF Deputy Chairman Alexander Tarabrin said. “It’s a large and significant project. We hope to complete it with support from VEB.RF. The plant will provide a significant incentive for the development of a large territory, create jobs for local residents and benefit Russia’s construction sector given the urgent need for construction materials”, Governor of the Kaluga Region Vladislav Shapsha said.
The project has already faced a number of challenges, such as failure to perform the obligations by the project initiator resulting in its bankruptcy. However, due to VEB.RF’s support and active involvement of regional authorities, the plant property portfolio has been preserved to the maximum possible extent. Now the project partners should complete the construction of workshops, installation and fine tuning of production lines, deliver related infrastructure and launch production. For information: Kaluga Cement Plant is a new generation company which uses dry process to manufacture cement (with a minimised environmental impact and improved performance). The plant’s designed annual capacity is up to 3.5 million tonnes.
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