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Belarusbank, Poland's BGK sign framework agreement

Economy 18.04.2019 | 11:06
Photos courtesy of Belarusbank
Photos courtesy of Belarusbank

MINSK, 18 April (BelTA) – Belarusbank and Poland's Bank Gospodarstwa Krajowego (BGK) have signed a framework agreement that provides for granting loans to clients of financial institutions in Belarus and Poland, BelTA learned from Belarusbank.

The document was signed during a visit of a Belarusbank delegation to Warsaw. The delegation was led by First Deputy Chairman of the Board of the bank Aleksandr Polivko and Executive Director Mikhail Kulichkov. Attending the signing ceremony were members of Belarus' Embassy in Poland.

The framework agreement will optimize loan issuance procedures, thus making it easier to finance supplies of Polish products and services to Belarus. The document will also streamline borrowing and mutual approval of loan documents and will make the whole process much faster. The framework agreement is also expected to meet the demand of Belarusian companies for financing if they need several hundred thousand to dozens of million euros in financial resources with a repayment period of two to ten years. “This is the first agreement signed by our Polish partners with a Belarusian bank. As far as structured finance in concerned, Belarusbank and BGK have signed a total of ten loan agreements to the tune of over €115 million during their financial relations,” Aleksandr Polivko informed.

Today Belarusian importers actively tap into the opportunities offered by the export promotion program of the Polish government. Belarusian companies were granted about 1,700 loans and 700 financed or confirmed letters of credit. All in all, Belarusian importers borrowed over PLN2 billion since 2010.

Bank Gospodarstwa Krajowego is a Polish national development bank. Its main tasks are to support and service export transactions, issue government guarantees. It provides loan support to the car making industry, mechanical engineering, wind and electric energy producers, chemical industry, food industry, mining industry and instrument making industry.

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