EDB set to financing project of Siberian Coal Energy Company JSC
ALMATY. 12.01.2010. KAZINFORM On New Year Eve the Eurasian Development Bank entered into a loan agreement with the Siberian Coal Energy Company JSC (SUEK) within an investment project on technical rearmament of the coal strip-mines in Siberia, the Bank's press service reports. In accordance with the agreement the Bank will open USD 55 mln credit line for SUEK for the five years. The funds will be spent for acquisition of 25 new BelAZ dumpers with the capacity of 220 tons of cargo for usage at coal strip-mines in Khakassia, Buryatia and Kemerov oblast of the Russian Federation. SUEK is Russia's largest coal producing enterprise which ranks among the world's ten largest coal producers. The Company provides about 30% of coal supply on the internal market and about 25% of export. Over 45, 000 people are working at the venture. The EDB is the international financial organization established by Russia and Kazakhstan in January 2006 for promoting development of the member-countries' economies, their sustainable growth and expansion of their trade-economic ties. The charter capital of the EDB exceeds USD 1.5 bln. Russia, Kazakhstan, Armenia and Tajikistan are the member countries of the EDB.