EDB to Finance Siberian Coal Energy Company Project

Moscow, 12 January 2010. On the New Year’s eve, the Eurasian Development Bank (EDB) and the Siberian Coal Energy Company (SCEC) signed a loan agreement as part of an investment project to modernise the company’s coal operations in Siberia. Under this agreement, the Bank will open a five-year loan facility for the SCEC for a total of $55 million.

The loan will be used to purchase 25 brand-new BELAZ tipping lorries with a capacity of 220 tonnes each for the SCEC’s open-pit coal mines in Khakassia, Buryatia and the Kemerovo Oblast.

This re-equipment is critical for improving the efficiency of the SCEC. The selected Belarusian-made cars are famous for their excellent performance, and expected to help boost coal production.

The project will promote sustained economic growth in Siberia and trade between Russia and Belarus.

Summary

The Siberian Coal Energy Company (SCEC) is Russia’s largest and one of the world’s top ten coal producers. The SCEC’s supplies account for about 30% of domestic coal sales in Russia and about 25% of Russian coal export. The company has over 45,000 employees and supplies coal for the power generation and utilities sectors in more than 60 states of the Russian Federation.