MINSK, 15 May (BelTA) – The Eurasian Development Bank (EDB) provided OAO Belinvestbank with a $10 million loan for trade financing, BelTA learned from the press service of the EDB.
The Eurasian Development Bank and OAO Belinvestbank signed an agreement on financing foreign trade operations of Belinvestbank clients in the EDB member states. The relevant agreement was signed by EDB Managing Director for Assets and Liabilities Dmitry Ladikov-Royev and Deputy Chairman of the Belinvestbank Board Andrei Sokirko on 15 May, the press service noted.
According to the agreement, the EDB will grant a $10 million loan for 5 years. Belinvestbank will then provide its clients with credits for a term between 3 and 12 months. All the credits will be assigned to finance export and import operations between the EDB member states. Trade financing can be obtained in U.S. dollars, euros, Kazakhstani tenge, and Russian rubles.
“This is a target and top-priority product for the EDB. Development of trade finance instruments has a substantial impact on the development of real economy in the EDB member states and Belarus' financial sector,” Dmitry Ladikov-Royev remarked.
Established by Russia and Kazakhstan in 2006, the Eurasian Development Bank is a financial institution aimed at promoting market economy of its member states, their sustainable economic growth, and amplifying mutual trade and economic ties. The Bank's charter capital totals US $7 billion. The EDB member states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.
