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Opinions & Interviews

17 May 2016

Industries to use Chinese loans identified in Belarus

Industries to use Chinese loans identified in Belarus

MINSK, 17 May (BelTA) – Belarus has identified the industries that will benefit the most from using the Chinese loans, Deputy Chairman of the Board of Belarusbank Alexander Polivko said prior to the joint Belarusian-Chinese seminar “Financing investment projects with the participation of the State Development Bank of China” which Belarusbank hosts on 17 May.

“We have already identified a number of industries where our cooperation can be quite effective and mutually beneficial. These include transport, communications and telecommunications, energy, and mechanical engineering,” Alexander Polivko noted.

He stressed that the visit of Chinese President Xi Jinping to Belarus in May 2015 gave an impetus to the development of the Belarusian-Chinese economic and investment cooperation. “Back then Belarusbank singed a $300 million loan agreement with the State Development Bank of China. We have already started to implement the projects as part of the Belarus-China cooperation,” Alexander Polivko said.

At the same time, he noted that not all the funds have been utilized yet. “We are in no hurry to give them away. There are certain analysis procedures in the banking sector. We weigh risks, assess prospects and business. This is why it takes us some time to structure these $300 millions,” he said.

According to him, $50 million was on-lent to small businesses. As for the projects of large enterprises, Alexander Polivko highlighted Grodnoenergo that virtually built the most powerful wind farm in the country. “I should also mention Belshina, which thanks to the Chinese equipment for oversized tires is now achieving a new level of quality and is gearing up to manufacture such products, including tires for our record-heavy 450-tonne BelAZ dump truck,” he noted.

Alexander Polivko stressed that the agreements concluded during the visit of China’s President Xi Jinxing to Belarus were large-scale. “That $300 million was just the beginning. Simultaneously we have attracted additional credit lines for the development of infrastructure, including roads, electricity, and railways. The loans that we are utilizing cost almost as much as the European ones. But the deadlines are unprecedented. Europeans do not loan for 10-15 years. Meanwhile, in the course of 15 years, you can structure any business,” he added.

Speaking about the seminar, Alexander Polivko said that Belarusbank’s clients and partners do not have the full information on the opportunities provided by the State Development Bank of China. “We want to bring the Bank and those who will use these loans closer to each other,” he noted.

OAO Savings Bank Belarusbank is the country’s largest universal financial and credit institution that offers over 100 kinds of banking services and products. The bank’s divisions include 34 branches, 96 banking service centers, and 1,647 outlets (47% in urban areas and 53% in rural areas).

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