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Belarus unveils action plan to implement ¥1.75bn loan agreement with China

MINSK, 21 May (BelTA) - The Belarusian government has defined the measures to implement the ¥1.75 billion loan agreement with China. Resolution No.367 of the Council of Ministers of 17 May 2018 has been officially posted on the national legal Internet portal, BelTA informs.

The document was adopted to fulfill the investment project “Hi-Tech Agro-Industrial Full Cycle Complex Project for 2016-2032” (first stage). The agreement concluded between the government of Belarus and the Exim Bank of China envisages that the Belarusian National Biotechnology Corporation will receive ¥1.75 billion for the investment project.

Belagroprombank shall act as the bank-agent servicing the loan. The chairman of the board or his deputies have been authorized to execute and sign documents related to the use of the loan. 

The Finance Ministry shall pay out the loan through the funds set aside in the budget for the current and subsequent financial years for servicing and repaying the foreign debt.

The Agriculture and Food Ministry shall monitor the course of implementation of the investment project “Hi-Tech Agro-Industrial Full Cycle Complex Project for 2016-2032” (first stage). The target use and timely repayment of the loan and payment of interest shall be controlled by Belagroprombank, the Agriculture and Food Ministry and the Finance Ministry.

The director of the Belarusian National Biotechnology Corporation and the agriculture and food minister shall bear personal responsibility for implementation of the project, target use and timely repayment of the loan.

This document enters into force on the date of its adoption

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