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20 Mar 2015

Belarus’ government to negotiate export crediting with Russian banks

MINSK, 20 March (BelTA) – The Belarusian government will hold talks with Ak BARS Bank, the Moscow Industrial Bank, and Bank VTB 24 on disbursement of loans for the acquisition of Belarusian goods in Russia. Draft agreements were approved by the Council of Ministers and published on the National Legal Internet Portal on 20 March, BelTA has learned.

The Finance Ministry and the Industry Ministry have been authorized to hold negotiations and sign the relevant agreements. They have also been instructed to secure the implementation of the documents.

The agent banks for the implementation of the agreements are Belinvestbank, BPS-Sberbank and Bank VTB (Belarus).

The Council of Ministers’ resolutions come into force after their official publication.

It has also been reported that the export credit agreement will be signed with Sberbank of Russia.

Belarus has a number of financial mechanisms to promote the export of Belarusian products. One of them is implemented in line with Decree No.466 of 24 September 2009. Under the decree, the export crediting mechanism creates competitive conditions for selling Belarusian products on the Russian market and provides the final customer with the possibility of buying high-efficiency and high-technology products and equipment of the Belarusian manufacture. This export promotion scheme brings an economic effect through increased exports, currency earnings, and full capacity utilization.

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