NSG UK is to receive $40 million to finance a greenfield glass production plant in Argentina.

The plant, located in Cardales, approximately 70 kilometres north-west of Buenos Aires will have an estimated production of 900 tonnes per day.

The plant will develop NSG’s Industry 4.0 standards and support its decarbonisation ambitions.

The International Finance Corporation (IFC) will provide the loan to NSG UK. via its subsidiary in Argentina, Vidriería Argentina S.A. (VASA).

It will provide an advisory service to VASA to help identify future energy efficiency opportunities.

David Tinel, IFC's Regional Manager for the Southern Cone, said: "We are pleased to finance the completion of this project and to strengthen our relationship with NSG UK, a repeat global IFC client with a firm commitment to corporate governance practice and green standards.

"In the context of the pandemic, IFC has stepped up to continue supporting the private sector in emerging economies".

Leopoldo Carlos M. Garces Castiella, Head of Architectural Glass South America at NSG Group added: "Since first partnering in 1992, we have built a strong long-term relationship with IFC and are excited about this new opportunity to work together so that we can contribute to the region's economy and the greener environment.”