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. Last Updated: 07/27/2016

Japanese Said Prepared to Finance Port

VLADIVOSTOK, Far East -- The Japanese Association for the Reconstruction of Khasan port in the Primorsky region is ready to open a $50 million credit line for the project, said the director of the Khasan Commercial Seaport company.

Alexander Mikhailov said representatives of the association told port directors at a meeting in Tokyo that the Japanese government would insure the investments of the firms contained in the association.

The association unites a number of large Japanese companies, including Mitsui, Itochu and Sumitomo.

In June, Russian Prime Minister Viktor Chernomyrdin signed a government order on the development of an international transport hub at Khasan. Under the order, an international holding company will be set up to run the project.

The first stage of the reconstruction will cost $25 million.