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20 June 2022, 19:56

Simpler lending, support procedures to help Belarusian exporters

MINSK, 20 June (BelTA) – Belarusian Finance Minister Yuri Seliverstov commented on the Council of Ministers' resolution on expanding export loan opportunities before mass media on 20 June, BelTA has learned.

Yuri Seliverstov said: “Thanks to the simplification of lending procedures and exporter support procedures manufacturers will be able to acquire resources more easily in order to organize shipments. This process will take less time. I'd like to note that there are plenty of resources for these goals. All those, who have good export projects and contracts, will get support.”

The possibility of export lending for residents for the sake of making and exporting goods (works, services) via authorized organizations or managing companies of holding companies is one of the innovations. Only exporters could acquire resources in the past. No decisions will have to be made now if it is more convenient to get the resources via a dedicated exporter or the head enterprise of a holding company, Yuri Seliverstov noted.

As another novelty commercial banks and the Development Bank of the Republic of Belarus will be able to provide funding to residents under the assignment of a monetary claim (factoring) in the course of executing export contracts in Belarusian rubles. “Factoring was previously available only with regard to foreign currency or Russian rubles. The option is now available with regard to the national currency as well,” the finance minister explained.

Apart from that, floating interest rates have been set for export loans and factoring in Belarusian and Russian rubles. “The rate of such loans was previously fixed as of the date of the contract's signing in the past. Banks, which funded such deals, ran into certain difficulties as a result. This is why it has been stipulated that the rate can be floating, which means it can change depending on the refinancing rate. It will be simpler and easier for banks to find resources in order to provide such support,” Yuri Seliverstov stressed.

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