Business news

MINSK, 27 July (BelTA) – The Development Bank of the Republic of Belarus (DBRB) raised €596 million in foreign loans in H1 2018, the Bank told BelTA following the board meeting that reviewed the performance in H1 2018.

Among the important deals the Bank highlighted a loan from the Brazilian Development Bank for the purchase of three aircraft for Belavia Airline; a tied loan from a syndicate of banks in Germany and Slovenia to finance the investment project at Minskenergo company and also a €50 million syndicated loan raised in the Russian financial market. The Bank noted that this is its first loan attracted for a period of 2 years.

In H1 2018 the Bank provided over Br730 million to finance investment and other projects, including the purchase of modern equipment to be on-leased to domestic enterprises, th econstruction of the runway for larger aircraft, assimilation of new technologies in oil refining.

The Bank took measures to increase the volume and expand the range of domestic products sold on foreign markets using export financing tools. In H1 the Bank concluded seven direct export credit contracts to finance export. In the light of the successful completion of a pilot project to finance the construction of a school in the city of Kaluga, the Development Bank has expanded construction services export financing and launched the financing of the construction of two more schools in Russia.

All in all, the Bank issued export loans on a gross basis in the amount of Br282.3 million in equivalent in H1 2018.

The Development Bank also prepared for the use of the credit line from the World Bank issued for a project to increase access to financing for micro-, small and medium-sized enterprises in Belarus.

In collaboration with partners the Bank provided Br119.8 million for SMBs support in January-June 2018.

The Development Bank received profit of Br121 million in H1 2018.