Tuva Energy Industrial Corporation to receive 170 bln roubles from the state for the development of the Elegest coal mine

Tuva Energy Industrial Corporation (TEIC) LLC, controlled by R.Baisarov, will get almost 170 billion roubles in terms of resources from the National Welfare Fund, state guarantees and tax privileges for the development of the Elegest coal mine. It is said in the government decree on the budgeting for infrastructure projects, Vedomosti writes.

TEIC will receive 86.8 billion roubles from the National Wealth Fund; 76 billion roubles of state guarantees on syndicated loans of state banks and 7 billion roubles – tax benefits. The vast majority of funds are provided on a repayable basis. TEIC will invest 25% into the project, i.e. 54.3 billion roubles. The pay-back period makes up 9 years.