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16 December 2019, 10:34

Belarus, China Development Bank sign ¥3.5bn loan deal

An archive photo
An archive photo

MINSK, 16 December (BelTA) – An agreement to provide a term loan of ¥3.5 billion (the equivalent of roughly $500 million) was signed between Belarus (represented by the Finance Ministry) and the Shanghai Office of the China Development Bank in Shanghai on 16 December. On behalf of Belarus the agreement was signed by Finance Minister Maksim Yermolovich, BelTA learned from the website of the Finance Ministry.

The loan is not linked to any specific project and can be spent on general purposes, including the repayment and servicing of the public debt, maintenance of gold and foreign currency reserves and promotion of trade between Belarus and China.

“This deal is unprecedented, which attests to a new level of relations between Belarus and the China Development Bank and the fact that Chinese financial institutions view the Republic of Belarus as a reliable borrower,” the Finance Ministry said.

The assistance in this deal was provided by the Minsk Office of the China Development Bank and the Beijing Office of Belarusbank.

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