Sep 21, 2009. /Lesprom Network/. Cathay Forest Products Corp. has received as the first installment against loans made to its majority-owned Russian Joint Venture, DalEuroLes L.L.C, Cathay Forest Products reported. A total of $18,115,000 was advanced to DalEuroLes since December 2007. The funds have been used to develop the infrastructure of the forest property and to acquire the necessary forestry equipment. The infrastructure includes road building and rail landing facilities. DalEuroLes has been successfully harvesting timber since October 2008 and completed the development of the log shipping yard in March 2009. Since then, wood sales have steadily increased to markets in China and Japan. Under terms of the loan agreements, the first payment was due to be made in September 2009 and has been received by Cathay Forest. Regular additional loan payments of approximately $1 million will continue to be made by DalEuroLes on a quarterly basis for the next 5 years allowing the funds to be redeployed by Cathay Forest to satisfy other operational needs, if required. Cathay Forest is a forest products company that manages approximately 1 million hectares of standing timber properties and fast-growth, high-yield poplar plantations in China and Russia.