Business news

MINSK, 23 April (BelTA) – The Development Bank of the Republic of Belarus (DBRB) has borrowed €50 million as a syndicated loan for a period of 18/24 months on the Russian financial market, BelTA has learned.

The deal was implemented under the auspices of Otkritie Bank. The Russian bank acted as the organizer, creditor, and agent bank in the course of the deal. The creditors pool includes Novikombank, AK BARS Bank, Vuz-Bank, Uralsib Bank, and other banks. The money has already been transferred to the Belarusian bank.

Chairman of the Board of the Development Bank of the Republic of Belarus (DBRB) Sergei Rumas said: “It was a very interesting experience for us. The deal was implemented in a new legal framework. The Russian Federation law on syndicated loans came into force on 1 February 2018. The syndicate also tried to get new participants involved. We didn’t launch a major marketing campaign. Instead we worked with Otkritie Bank to focus efforts on finding the creditors our bank had not worked with before and had worked only sporadically. The loan term is the key distinguishing trait of the deal. For the first time on our syndicated borrowing record we’ve received a loan for 24 months. It is very important for the Development Bank of the Republic of Belarus as the national agency in charge of export lending. The longer term will allow the DBRB to offer even more flexible and comfortable financial solutions to foreign importers of Belarusian merchandise and services.”