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Belarus to borrow 3.5bn yuan from China Development Bank in 2019

Economy 20.06.2019 | 10:40
Maksim Yermolovich. An archive photo
Maksim Yermolovich. An archive photo

MINSK, 20 June (BelTA) – Belarus is set to receive a 3.5 billion yuan loan from the China Development Bank by the end of the year 2019, Belarus Finance Minister Maksim Yermolovich told reporters, BelTA has learned.

“Work is underway to raise a loan of the China Development Bank. A memorandum of raising a 3.5 billion yuan loan has already been signed. Now we are working on the borrowing terms,” Maksim Yermolovich said.

A loan agreement is to be signed following negotiations. “By the end of this year we are set to borrow 3.5 billion yuan, which is equivalent to more than $500 million,” the minister added.

BelTA reported earlier that the Chinese money can be used to replace part of loans from Russia. In line with the preliminary agreement with the China Development Bank, Belarus is to be granted 3.5 billion yuan.

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