MINSK, 18 October (BelTA) – The European Bank for Reconstruction and Development (EBRD) and Belinvestbank have provided guarantees for the shipment of a large batch of BelAZ dump trucks to India, the EBRD press service told BelTA.
As a result of winning the tender the Belarusian automobile engineering company BelAZ will ship 77 dump trucks to India where they will be used in mining industry. After placing the winning bid BelAZ had to provide a number of guarantees. The EBRD and Belinvestbank provided such guarantees for the deal to the tune of $200 million as part of the trade facilitation program. The Indian bank Axis Bank is the local confirming bank in this deal.
The EBRD's trade facilitation program fosters the development of international trade, export and import operations, and domestic trade in the countries the bank operates in, including Belarus. The program gives exporters and importers access to financial resources and encourages the development of trade financing skills.
The EBRD is a multilateral bank fostering the development of the private sector and entrepreneurship initiatives in 37 countries on three continents. Since it started working in Belarus in 1992, the EBRD has invested nearly €2.7 billion in 119 projects in various branches of the national economy.More about Economy