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China, Krasnoselskstroimaterialy to sign loan agreement by late 2008

03 November 2008

A loan agreement between China EXIM BANK and Krasnoselskstroimaterialy is to be signed in November-December 2008. The Chinese side will finance the construction of a new cement production line in Krasnoselsk, BelTA learnt from Deputy Minister of Architecture and Construction Vladimir Malets.

According to him, the documents are undergoing the coordination stage and are being studied by the Chinese side. The amount of the buyer credit for the construction of the cement plant in Krasnoselsk is about $140 million.

The Belarusian government and China EXIM BANK signed buyer credit and preferential loan agreements to construct an all-dry cement production line for Krichevtsementoshifer and the second line at the Belarusian Cement Plant. The total sum of the loan agreements is $390 million. The document was signed by Finance Minister of Belarus Andrei Kharkovets and EXIM BANK Chairman and President Li Ruogu.

With a view to meeting the domestic demand and expanding the export potential of the cement industry of Belarus, the cement output is projected to increase to 10 million tonnes a year by 2011. Three new technological lines will be put in operation at Krichevtsementnoshifer, Krasnoselskstroimaterialy and Belarusian Cement Works (Kostyukovichi, Mogilev oblast). Each line will produce 1.8 million tonnes of cement a year. The total cost of their construction is estimated at $1.134 billion. 

BELTA