MINSK, 30 September (BelTA) – China Development Bank will allocate $100 million to finance daily operations of Belarusbank, the press service of the Belarusian bank told BelTA.
The high level of relations between Belarusbank and China Development Bank was confirmed by the signing of a memorandum of understanding in Beijing as part of Belarus President Alexander Lukashenko's visit to China. In line with the document the Chinese bank intends to lend $100 million to Belarusbank for a period of three years for the sake of financing current operations of the Belarusian bank.
According to the source, the money will be transferred as part of the $300 million credit line opened within the framework of the general credit agreement of 2015. The Belarusian Finance Ministry also signed the memorandum of understanding.
Apart from that, Belarusbank, the Belarusian Finance Ministry, and CITIC Construction Company signed an agreement on cooperation in setting up a Belarusian-Chinese investment fund. The new agency will act as a mobile universal investment fund that will be able to take capital not only from China and Belarus but other countries as well. The fund will be able to decide how much it intends to spend without limiting itself to the projects China is implementing in Belarus. Belarusbank's share in the fund will be 40%.
