OREANDA-NEWS. Promsvyazbank has provided Transsiberian Forest Company Ltd. (TSFC) with a US$90 million loan. The bank finances the construction of a wood-processing plant in the Irkutsk region, the bank's press service reported. The funds loaned are to be invested in the construction in the town of Ust-Kut of a wood-processing plant, the largest one in Russia and Eastern Europe. Under the project, the plant, operating at full capacity, will process 1 million cubic meters of raw timber annually. The plant will have advanced equipment installed in all of its production areas, with the equipment of Canadian Tigercat Co. to be used in logging. The construction of the plant is scheduled to be completed in 2008.

Transsiberian Forest Company was established in April 2005. It incorporates three lumber mills in the Irkutsk and Chita regions, and the Krasnoyarsk territory.