New glass factory to open near Razgrad

Chinese holding Loyal Glass Group has announced plans to open a glass production factory near Razgrad, Dnevnik daily reported, citing the Bulgarian news agency BTA.

The factory will be entirely designed and built in 20 months by another Chinese company, whose name was not released.

The project will be financed by a Chinese state bank, and it has been said that the loan payoff will begin one year after the factory goes into operation.

The right of ownership over the production and factory equipment will be granted to the Bulgarian company Via Properties. The same company bought assets of bankrupt glass factory Diamant in Razgrad for a selling price of eight million leva in 2007. Initially, it advertised a possible investment of 50 million leva in order to revitalise the collapsed industrial giant.

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