MINSK, 14 February (BelTA) – The European Investment Bank has transferred €50 million to Belagroprombank to support small and medium private enterprises. Belinvestbank is the first Belarusian bank to borrow money from the European Investment Bank, the Belarusian bank's press service told BelTA.
The money will be channeled into financing projects in the area of small and medium business. Belagroprombank clients will be able to use these resources to buy, upgrade, or expand their stock of equipment, replenish floating capital, and accomplish other goals.
Unlike in other deals the credit resources were granted in a lump sum right after the formal procedures were completed.
Belagroprombank and the European Investment Bank signed the lending agreement on 20 November 2018. Belarus received the first credit resources from the European Investment Bank now.
The European Investment Bank (EIB) is one of the world's largest multilateral investment banks. Founded in 1958, it is headquartered in Luxembourg. The charter capital is formed by 28 European Union member states. The bank implements about 90% of its projects inside the European Union. In 2019 the European Investment Bank intended to invest €260 million in Belarus.
Belagroprombank is one of the largest banks in Belarus. It was established in 1991. The State Property Committee of Belarus owns 91.3% of its stock.
