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20 December 2019, 18:06

China transfers ¥3.5bn loan to Belarus

Photo courtesy of Pixabay
Photo courtesy of Pixabay

MINSK, 20 December (BelTA) – China has transferred ¥3.5 billion (the equivalent of about $500 million) to Belarus in line with the bilateral term loan agreement, BelTA learned from the Belarusian Finance Ministry website.

The Belarusian Finance Ministry and the Shanghai branch of the China Development Bank signed the term loan agreement in Shanghai on 16 December. In line with the agreement the Chinese side transferred the loan to the tune of ¥3.5 billion to Belarus on 20 December.

BelTA reported earlier that the loan is not tied to any particular project and can be spent on any goals, including paying off and servicing the state debt, keeping up Belarus' gold and foreign exchange reserves, and assisting with the development of Belarus-China trade.

“The unprecedented deal testifies to the new level of Belarus' relations with the China Development Bank and the growing trust of Chinese financial institutions in the Republic of Belarus as a reliable borrower,” the Finance Ministry believes.

The representative office of the China Development Bank in Minsk and the representative office of OAO ASB Belarusbank in Beijing helped organize the loan.

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