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27 Mar 2018

Volume of export loans granted by Belarus’ Development Bank 2.4 times up in 2017

MINSK, 27 March (BelTA) – In 2017 the Development Bank of the Republic of Belarus (DBRB) increased the volume of issued export loans by 2.4 times, the DBRB press service told BelTA.

A general meeting of DBRB shareholders took place on 26 March under the chairmanship of Prime Minister of Belarus Andrei Kobyakov. The bank’s performance in 2017 was discussed and the annual financial reports were approved.

In 2017 the bank signed 21 direct export loan contracts, greatly expanding the geography of promotion and the choice of Belarusian products, which are sold abroad using export lending instruments. The bank also worked out and tested a mechanism to directly finance the export of civil engineering services. As a result, the total volume of export loans granted by the Development Bank of the Republic of Belarus in 2017 totaled the equivalent of Br415.8 million, 2.4 times up from 2016.

The bank provided the equivalent of Br1.254 billion for implementing investment projects and other kinds of projects while the year 2017 target stood at Br700 million. As much as Br863 million in credit resources was spent on implementing projects as part of the plan to finance government programs and events in 2017. The money was primarily spent on vital infrastructure projects, Belarus-made machines, equipment, and vehicles, which were acquired to be leased out later on, on investment projects of various Belarusian companies.

The bank also provided Br121.3 million for supporting small and medium private companies, with the target standing at Br90 million.

Systemic work on the foreign financial market and efforts to establish long-term relations with foreign banks allowed the Development Bank of the Republic of Belarus to raise the equivalent of €565.4 million in foreign loans in 2017.

The bank’s profit in 2017 reached Br184.3 million while the target stood at Br150 million.

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