Bank approves funding for new synthetic fibre plant in Russia


Vnesheconombank, one of Russia’s largest state-owned banks, has finally approved a 13-year RUB20bn (US$306m) loan for a new synthetic fibre plant in the Ivanovo region, the centre of Russia’s textile industry.

The total investment in the project will be about RUB26bn (US$397m), which will make it one of the largest over the past five years.

The plant is expected to help solve the problem of a shortage of raw materials for the textile sector. The new facility will have the capacity to produce up to 175,000 tonnes of polyester fibre and 30,000 tonnes of polyethylene terephthalate (PET) chips a year, with the possibility of future expansion of production.

For the full story, see the February 2017 edition of Textiles Eastern Europe. Not a subscriber? Sign up HERE