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9 Feb 2016

Belarus, Israel simplify procedure to attract Israeli credit lines for joint projects

MINSK, 9 February (BelTA) – The procedure of attracting Israeli credit lines to finance joint projects in Belarus has been considerably simplified. The novelty is envisaged in the protocol signed on 9 February to introduce amendments and additions to the Belarusian-Israeli intergovernmental framework agreement on financial cooperation concluded on 21 June 2011, Ambassador Extraordinary and Plenipotentiary of Belarus to Israel Vladimir Skvortsov told BelTA.

“In my opinion, it is a remarkable event in the agenda of the bilateral relations. The document significantly simplifies the procedure of attracting Israeli credit lines to finance joint projects in Belarus. Now they can be implemented under the guarantees of the Belarusian banks without a need for additional governmental guarantees,” stressed the head of the Belarusian diplomatic mission.

In his words, the signing of the document is a truly promising step, which has become possible thanks to joint efforts and constructive participation in the preparatory process of representatives of profile governmental structures and also business communities of the two countries.

“Now investors get a principally new and flexible mechanism of crediting projects. The signing of the protocol testifies to the strengthening of mutual trust between the financial institutes of Belarus and Israel. Simultaneously, it is a signal for the Israeli business to act more actively in bringing its investment to the Belarusian market. For Belarus today it is important to seek new cooperation forms and opportunities to promote a bigger balance in the bilateral trade, active attraction of Israeli technology and investment in our country,” said Vladimir Skvortsov.

The parties emphasized the importance of the principle of mutual advantage, without which efficient cooperation is impossible, Vladimir Skvortsov added. “Israeli businessmen working in Belarus say that it is one of the promising countries for doing business. I hope that this mutual interest in the new conditions of financing joint projects will turn into practical results, bringing mutual positive effect,” the diplomat said.

On 9-10 February First Deputy Finance Minister of Belarus Maxim Yermolovich is on a working visit to Israel. The Belarusian delegation has met with representatives of the Finance Ministry of Israel to share its vision on possible formats of direct ministerial cooperation, expansion of insurance provided to our country by the Israeli state corporation ASHRA.

Maxim Yermolovich also met with Zeev Elkin, Minister of Immigrant Absorption, Co-Chair of the Belarusian-Israeli joint committee on trade and economic cooperation. The parties talked over the preparations for the fifth meeting of the committee.

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