OREANDA-NEWS. Sberbank's Severny Bank has opened financing for the investment project of Ustyansky Timber Industry Complex LLC in the Arkhangelsk Region - construction of a plant for processing small-diameter wood and a boiler house that will be powered by lumber waste and provide the enterprise with the necessary amount of thermal energy.

The total cost of the project exceeds 5.8 billion roubles; around 4 billion will be provided by Sberbank.

"Sberbank has worked with Ustyansky Timber Industry Complex, a company that imports to 26 countries, since 2005," commented Svetlana Sagaidak, Senior Vice-President of Sberbank. "This new, ambitious investment project that is being carried out with support from Sberbank will help the company reach a new level of development."