Business news

BEIJING, 28 September (BelTA) – Belarus plans to sign an agreement with the Export-Import Bank of China to promote Chinese direct investments to the tune of about $5 billion, Belarus’ Economy Minister Vladimir Zinovsky told reporters, BelTA has learned.

“During this visit (the state visit of Belarus President Alexander Lukashenko to the People’s Republic of China on 28-30 September. - BelTA’s note) a loan agreement with the Export-Import Bank of China to promote our investment cooperation will be signed. The Bank will provide resources which will be included in the investment capital of Belarusian companies and enterprises to Chinese companies, will finance greenfield projects (investment platforms without the infrastructure. – BelTA’s note). This agreement is estimated at about $5 billion,” the minister said.

Vladimir Zinovsky noted that experts are now analyzing a number of projects. “Every project is scrutinized because the two sides should be satisfied. There are different areas of focus, such as machine-building and medicine. There are other investment projects. The interest in our foodstuffs is big,” he said.

Belarus' Finance Minister Vladimir Amarin said that the financial and credit cooperation of Belarus and China has been increasingly vibrant in recent years. “Since may 2015 we have signed ten loan agreements to the tune of $3 billion, including those concerning the provision of preferential loans to finance the construction of the infrastructure of the Chinese-Belarusian Industrial Park, the organization of car production in Belarus.”

According to the finance minister, the investment cooperation of the two countries is vigorously developing, direct investments are in the spotlight. Vladimir Amarin announced the signing of the agreement on cooperation in the formation of the Chinese-Belarusian investment fund between CITIC Construction Co., Ltd., the Finance Ministry of Belarus, and Belarusbank. “The investment fund opens up broad opportunities for credit and investment cooperation,” the minister said.

Belarus will also sign a memorandum of cooperation with the Export-Import Bank of China on the provision of preferential loans to finance five projects in machine-building and agriculture.