Eximbank of Russia Open a Loan Facility to Novovyatsky Ski Complex
Eximbank of Russia has opened a 3-year US$ 7m non-revolving loan facility to JSC ‘Novovyatsky Ski Complex’ for pre-export financing of contracts for supply of oriented strand boards (OSB) to foreign consumers. The loan is provided to secure the factory’s obligations under export contracts for supply of oriented strand boards to foreign consumers, i.e. to purchase raw materials used in manufacturing OSB (wood and various resins).
Several years before, Eximbank of Russia opened a US$ 12m loan facility to Novovyatsky Ski Complex to implement a ‘Renovation of Chipboard Production Line’ investment project in the scope of a pilot sustainable forest management project financed by the International Bank for Reconstruction and Development.
The Bank’s financing allowed the factory to reorganize its manufacturing of laminated chipboard in new format, including suitable for exports. The company also expanded the range of its products. Renovation and upgrade of the chipboard line and the drying and utility facilities by replacing gas power plants to wood waste based plants helped the company to cut down considerably harmful emissions and streamline its wood waste disposal.
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