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Opinions & Interviews

13 May 2015

Kobyakov: China’s loan terms seen as favorable for Belarus

Kobyakov: China’s loan terms seen as favorable for Belarus

MINSK, 13 May (BelTA) – The terms of the Chinese loans are very comfortable for Belarus with regard to the interest and payback period, Belarus’ Premier Andrei Kobyakov said as he met with Chairman of the Board of the China Development Bank Hu Huaibang on 13 May, BelTA informs.

According to Andrei Kobyakov, four loan agreements to the total tune of over $800 million are currently under implementation. “The terms of China’s loan resources are comfortable for us both in the terms of interest and payback period,” the PM said.

Belarus and the China Development Bank established cooperation in 2009. In September 2014 the parties started working on a new mechanism to attract long-term financial resources, Andrei Kobyakov said. The new mechanism included China’s $1 billion 15-year credit lines for two biggest Belarusian banks: the Development Bank and Belarusbank.

Andrei Kobyakov met with Chairman of the Board of the China Development Bank Hu HuaibangThe Development Bank of Belarus, Belarusbank and the China Development Bank signed a new loan agreement during China President Xi Jinping’s visit to Belarus. “The goal of the new mechanism is to provide Belarusian organizations with long-term resources under a comfortable interest rate for lucrative investment projects,” the Belarusian head of government said. According to Andrei Kobyakov, Belarus believes that the new level of cooperation with the China Development Bank will benefit the two countries. Besides, Belarus is ready to discuss further cooperation in the area.

The meeting between the representatives of the Belarusian government and the China Development Bank took place after the Chinese President’s visit to Belarus. “We continue working. I think that the pace the two heads of state set will outline our future joint work for the midterm,” Andrei Kobyakov underlined. He added that the visit of the Chinese President to Belarus was a historic one and expressed confidence that very soon the people of Belarus and China would see concrete results.

Andrei Kobyakov met with Chairman of the Board of the China Development Bank Hu HuaibangAccording to Chairman of the Board of the China Development Bank Hu Huaibang, China and Belarus have established relations that show a high level of mutual trust. He stressed that he shared the opinion of the importance of Xi Jinping’s visit to Belarus.

During China President Xi Jinping’s visit to Belarus the two countries signed about 50 agreements and memorandums, including a treaty of friendship and an interbank agreement. The agreement portfolio totals nearly $18 billion.

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