Pyrex-type products to be produced in Venezuela

(Caracas, October 14, 1993). -- A plant to produce refractory glass, which currently is imported in Venezuela, will be cofinanced by CAF with a US$3.7 million loan (366 million bolivars) granted today to the private company Rex-O-Glass.

The production of the new plant will reach 2,400 tons annually for domestic and commercial use. Production will be mainly Pyrex-type glass recipients for storing food, glasses for blenders, glass for street lamps and electricity meters.

This modern plant to be built in the Barbacoas Industrial Zone (Sector 1), Barcelona, Anzoátegui state, will create 73 direct jobs. Commercial operations are set to begin within three months because the civil works and facilities are practically completed.

The CAF loan, at five years plus two years of grace, will finance 51% of the plant installation project. The rest will be contributed by the company shareholders.

The project exploits the important comparative advantages of the country’s reserves of top quality silicon sands combined with relatively low energy costs.

The environmental impact will be minimal because the plant will use natural gas in its furnaces, which is a fuel with a low pollution level.

The agreement was signed in Caracas by CAF President & CEO Enrique García, and the president of Rex-O-Glass, Steno Calliman.

García said this was the first glass factory in the Andean subregion, and would have a significant effect on the exports of its products. This year - he added - over half CAF’s operations have been destined to finance private sector projects, emphasizing the institution’s role as a pioneering bank in the process of change being implemented in its member and shareholder countries (Bolivia, Colombia, Ecuador, Peru, Venezuela, Mexico and Chile), above all because of the backing being given to the private sector.