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14 October 2022, 09:15

Makei reveals how Belarus will spend $1.5bn loan from Russia

Vladimir Makei. An archive photo
Vladimir Makei. An archive photo

MINSK, 14 October (BelTA) – Belarus' Minister of Foreign Affairs Vladimir Makei told the Izvestia newspaper how Belarus will spend the $1.5 billion loan provided by Russia, BelTA informs.

“We should look for ways to fight back. And the easiest way to do it is to join efforts. We are not such a large and powerful state as Russia, and, of course, it is difficult to resist these sanctions alone. Therefore, we need to look for workarounds, and import substitution is one of the options. Upon the instructions of our leaders, we are working very closely on this issue,” Vladimir Makei said.

He noted that Belarus and Russia used to receive a whole range of technologies and products from the West, but now the situation prompts the two countries to consider producing all this on their own.

“Believe me, we have already advanced quite far in this area. The $1.5 billion loan will be used for import substitution. This money is needed to launch production of goods that were previously purchased in the West. For example, various microelectronics items, large-sized bearings, lighting equipment. By now about 14 investment projects that can benefit both Belarus and Russia have been developed. Some of them are already at the implementation stage. The $1.5 billion will be used to bring them to fruition,” the minister said.

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