Zinovsky: Chinese loans will be used on innovative manufacturing

12 May 2015

MINSK (BelTA) – Chinese loans will be used to set up innovative manufacturing facilities, Belarus' Economy Minister Vladimir Zinovsky said in an interview to the Belarus 1 TV Channel, BelTA informs.

China will provide Belarus with a $3 billion concessional loan and a $4 billion commercial loan which will be used, first of all, to set up innovative companies, Vladimir Zinovsky stressed.

According to the Economy Minister, the concessional loan will be issued approximately under 2 percent per annum (the precise rate will be worked out by the Chinese Ministry of Commerce). The money will be mainly used to develop small and medium-sized business. “Paying back the funds under 2% per annum after 15 years is very favorable conditions,” the minister believes.

“We attract loans to create new jobs and new companies with the economy of the fifth and sixth technological waves. We need economic growth and economic progress. Chinese loans will be used to develop new technologies,” he added.

Vladimir Zinovsky also emphasized the importance of the Chinese-Belarusian Industrial Park Great Stone. “We expect a robust economic effect from the project. Thus, the growth of the total investments through 2020 is projected at $3.5 billion,” the Economy Minister said.

Ministry of Foreign Affairs of the Republic of Belarus