Vicat and Kazakh group Kazkommerts Invest will build a cement plant in the Central Asian state at an estimated cost of US$230m, Kazkommerts Invest said on Thursday.
Vicat has a 60 per cent stake in the project, while Kazkommerts Invest (KKI) owns the rest.
"The shareholders have invested $60m, and the remaining US$170m will come from a syndicated loan," KKI Chief Financial Officer Murat Temirkhanov said.
He said the companies were in talks with the International Finance Corporation, the World Bank’s private sector arm, over arranging the loan.
The plant, due to be built by 2010, will have an annual capacity of 1.1Mt of cement. China’s Triumph Engineering International will carry out construction work, Temirkhanov said.