OREANDA-NEWS. The Government of Belarus will increase its share in the statutory capital of Belarus' OAO Mostovdrev (Mosty, Grodno Region) by making a monetary contribution of Br300 billion (USD 28.736 million), which will be used to finance the upgrade of chipboard and fibreboard production.

OAO Mostovdrev is busy implementing a project worth an estimated €150 million to manufacture fibreboard and chipboard. They are rebuilding the old factory and building a new facility, which will be commissioned in 2015 to produce four times as much fibreboard and chipboard.

The project is financed with credit resources provided by Belarusbank, Belinvestbank and Belagroprombank.

OAO Mostovdrev is one of the Belarus' biggest wood-working enterprises. It offers a wide range of saw-timber and wooden products. The company was founded in 1926 as a veneer plant. In 1971 it was transformed into Mosty-based Production Association Mostovdrev, with FanDOK as the head company. Mostovdrev Production Association was turned into OAO Mostovdrev in 1994.