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Business news

9 Feb 2015

Belarusian BelAZ to use BelVEB Bank loans for high-tech purchases

MINSK, 9 February (BelTA) – BelVEB Bank has opened a credit line for the Belarusian automobile engineering company BelAZ to buy high-tech Russian products, the Bank’s press service told BelTA.

The credit line provides for raising over RUB1 billion in funds from Russian Vnesheconombank.

According to the source, Belarusian companies will be able to take out loans based on Vnesheconombank funds for the sake of implementing major retooling and energy effectiveness enhancement projects in addition to loans to finance daily operations. The money will have to be used to pay for high-tech products and services made in Russia.

Zhodino-based Belarusian Autoworks (BelAZ trademark) was founded in September 1948. In 2010 BelAZ was reincorporated into a public joint stock company. In September 2012 BelAZ became the managing company of BelAZ Holding. BelAZ is the world’s top manufacturer of mine dump trucks with large carrying capacity and extremely large carrying capacity as well as other heavy transport equipment used by the mining industry and the civil engineering industry.

OAO Belvnesheconombank (BelVEB Bank) is a universal credit and finance institution registered by the National Bank of the Republic of Belarus on 12 December 1991. The Russian bank Vnesheconombank is the key shareholder in BelVEB Bank. Providing assistance with the implementation of Belarusian-Russian integration projects is one of the priorities of BelVEB Bank’s credit policy. In 2014 the Bank financed about RUB38 billion worth of deals.

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