Official Website of the Republic of Belarus
Business
Belarus Events Calendar
Belarus’ Top Tourist Sites
UNESCO World Heritage Sites in Belarus
Belarusian sanatoria and health resorts
Souvenirs from Belarus
| Home | Business | Business news

Business news

9 Dec 2020

Eurasian Development Bank to sign €100m loan agreement with Minsk Oblast energy company by year end

Eurasian Development Bank to sign €100m loan agreement with Minsk Oblast energy company by year end
The meeting in progress

MINSK, 9 December (BelTA) – The Eurasian Development Bank (EDB) intends to sign a loan agreement to the tune of over €100 million with the Minsk Oblast electricity and heating company Minskenergo by the end of the year, the bank’s press service told BelTA after EDB Chairman of the Board Nikolai Podguzov met with First Deputy Prime Minister of Belarus Nikolai Snopkov.

Nikolai Podguzov and Nikolai Snopkov discussed the EDB’s work in Belarus and the expansion of cooperation by means of implementing transboundary integration projects.

As of 1 December 2020 Belarus’ share in the EDB’s current investment portfolio stood at $988.9 million. The share increased from 9.2% in December 2018 to 25.3% in December 2020 or by 2.75 times.

The Eurasian Development Bank provided support to Belarusian clients in the period of the pandemic. The Belarusian steel mill BMZ did not have to pay an increased interest rate for failing financial obligations and was granted a grace period till the end of 2020. The possibility of extending these terms onto 2021 is under consideration. The Eurasian Development Bank has suggested packages of anticrisis measures to overcome negative consequences of the pandemic to OAO Belaruskali and OAO BelAZ. The current interest rate has been reduced for RUP Vitebskenergo while RUP Minskenergo was granted a bridge loan for the sake of advancing the acquisition of equipment as part of a new investment project (€40.5 million).

“This work will continue within the framework of the program on providing countercyclical support to economies of the participating states in conditions of the negative influence of external shocks and internal ones,” the bank’s press service noted.

The Eurasian Development Bank intends to sign a loan agreement to the tune of over €100 million with RUP Minskenergo by the end of the year. Once it is done, the bank’s current investment portfolio in Belarus will exceed $1 billion.

The press service added that the bank is intent on continuing providing loans to enterprises of the Republic of Belarus not only in the economy branches the EDB usually works with such as power engineering, mechanical engineering, metallurgy, extraction of natural resources, finance (banking). The bank intends to actively explore new economy branches, primarily the IT industry.

The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with a view to facilitating the development of market economies of the member states, their sustainable economic growth, and the expansion of mutual trade and economic ties. The EDB's charter capital totals $7 billion. The member states of the bank are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.

Archive
Su Mo Tu We Th Fr Sa
Great Patriotic War monuments in Belarus