The European Investment Bank (EIB) is granting an Ecu 68 million (UK 55 million) loan to Ocean Technical Glass Ltd., in Wales, UK, towards the construction of a plant to manufacture glass components f…
The European Investment Bank (EIB) is granting an Ecu 68 million (UK 55 million) loan to Ocean Technical Glass Ltd., in Wales, UK, towards the construction of a plant to manufacture glass components for TV sets and monitors at Ocean Park, in the city of Cardiff. Ocean Technical Glass Ltd. is a joint venture between Japan“s Nippon Electric Glass and Germany“s Schott Glaswerke. The new plant should provide employment for 750 people. It will respond to the needs of the television industry situated in the region and encourage the development of high-tech enterprises in the area, says the EIB. According to EIB President Sir Brian Unwin, “this project meets the EIB“s prime task to support development in the economically less-favoured regions of the European Union. In the last 10 years, we have channelled well over UK 1 billion in loans for capital investment in Wales”.