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23 August 2019, 12:34

Belarus' Development Bank to double credit limit to finance Belarusian export to Africa

MINSK, 23 August (BelTA) – The Development Bank of the Republic of Belarus (DBRB) has raised the credit limit available to the Eastern and Southern African Trade and Development Bank (TDB) in order to finance Belarusian export to Africa, the DBRB press service told BelTA after an annual meeting of TDB governors in Zambia on 22 August.

As part of the discussion about prospects of advancing Belarus' cooperation with African countries DBRB Chairman of the Board Andrei Zhishkevich said that the board had authorized raising the TDB's credit limit from $70 million to $150 million. The fact testifies to the considerable potential of bilateral cooperation and clearly demonstrates the strong desire of the Belarusian bank and the African one to flesh out this credit line with projects very soon.

The Belarusian government pays close attention to the advancement of trade and economic cooperation with African countries. With assistance of the region's leading banks the Development Bank of the Republic of Belarus has built an effective infrastructure in order to finance the shipment of Belarusian products to the region. The Development Bank has been authorized to represent Belarus' interest in one of the mainstay financial institutions of Africa. “The fact allows us to discuss topical joint projects at the very top level,” Andrei Zhishkevich noted.

On the sidelines of the annual meeting of TDB governors Andrei Zhishkevich met with ministers from Zambia, Uganda, Rwanda, and representatives of the African Development Bank. During these meetings African partners repeatedly stressed the strong interest in stepping up Belarus' presence in the region.

The TDB shareholders include 22 countries. Belarus has been a shareholder since 2014. Belarus' interest in the TDB capital has been represented by the Development Bank of the Republic of Belarus since 2018.

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