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Belarus, China sign loan agreements

10 May 2015

MINSK (BelTA) – A package of the Belarusian-Chinese loan agreements was signed in Minsk in the presence of two leaders Alexander Lukashenko and Xi Jinping in Minsk on 10 May, BelTA has learned.

A general loan agreement was signed between the Development Bank of the Republic of Belarus and the State Development Bank of China to provide a loan in the amount of $700 million. “Under the loan agreement, resources are allocated for a period of up to 15 years, including a five-year grace period. It is long money. Effective interest rate will not exceed 4.7% per annum. It is very lucrative to get long money under such interest rates today,” Chairman of the Development Bank of Belarus Sergei Rumas told reporters. The Development Bank of the Republic of Belarus also signed a memorandum of understanding with the State Development Bank of China on the establishment of a joint working office.

In addition, a $300 million loan agreement was signed between the State Development Bank of China and Belarusbank.

A package of loan agreements was signed between the Government of Belarus represented by the Finance Ministry and China's Eximbank for soft loans to finance the investment project "Construction of the internal infrastructure of the Chinese-Belarusian Industrial Park” and to finance the investment project “Building the plant BelGee”.

A package of loan agreements was also signed between Belarusian Railways and China's Eximbank to finance the investment projects "Upgrading the rolling stock. Acquisition of 8 electric locomotives”, “Electrification of the railway line between Molodechno and Gudogai”, “Upgrading the rolling stock of Belarusian Railways. Acquisition of 10 electric locomotives”. The parties also signed a framework agreement on the promotion of all-round strategic cooperation between the Export-Import Bank of China and Belarusian Railways.

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