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12 Mar 2015

BelVEB Bank promises Russian bank funding for Belarusian projects

MINSK, 12 March (BelTA) – BelVEB Bank intends to get targeted funding from a number of Russian banks for projects of Belarusian companies, BelVEB Bank representatives told BelTA.

Several projects are now in development. Russian Vnesheconombank will open credit lines for BelVEB Bank for the sake of financing Belarusian companies with a view to paying for products of Russian manufacturers and relying on subsidized interest rates. Besides, the bank is working on a number of projects that will involve targeted funding of other Russian banks against insurance coverage of the Russian export insurance agency.

In 2014 BelVEB Bank financed RUB37.9 billion worth of Russian-Belarusian integration deals, 11.6% up from 2013. The share of integration deals in funding granted to corporate clients reached 43.1% in 2014, 3.3 percentage points up from 2013. Integration projects were primarily funded by resources borrowed from Vnesheconombank. For instance, these resources were used to fund credit deals of OAO Minsk Automobile Plant (MAZ trademark), OAO Belgorhimprom, OAO BelAZ and other companies.

Vnesheconombank-funded loans can be granted to companies that implement major projects relating to production modernization, enhancement of energy effectiveness. The projects have to include the purchase of high-tech goods and services in Russia as well as the export of manufactured high-tech products here. Providing assistance to the implementation of Belarusian-Russian integration projects is a priority in BelVEB Bank’s credit policy.

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