Business news

MINSK, 18 August (BelTA) – The Export-Import Bank of China will provide a $78.96 million loan to organize the production of modern pneumatic and fluid power cylinders and other equipment at OAO Saleo-Kobrin. This is envisaged in Council of Ministers’ resolution No. 611 of 15 August 2017 which was officially published on the National Legal Internet Portal on 18 August, BelTA has learned.

The loan will be provided in accordance with decree No. 252 of 18 April 2006 “Concerning the approval of the provision on foreign state loans and foreign loans issued under the guarantees of the government of the Republic of Belarus” to implement a loan agreement between the government of Belarus represented by the Finance Ministry and the Export-Import Bank of China as of 15 May 2017.

In line with the resolution, OAO ASB Belarusbank has been designated as agent bank. The Finance Ministry has been instructed to make payments on the loan using the funds from the state budget meant for the state debt repayment in the current and subsequent financial years. It is also envisaged to conclude an agreement on the use and repayment of this loan with OAO Saleo-Kobrin, OOO Saleo – managing company of the holding company, the Brest Oblast Executive Committee, and OAO ASB Belarusbank.

The Brest Oblast Executive Committee has been instructed to supervise the implementation of the project, the targeted use and timely repayment of the loan, etc. The director of OAO Saleo-Kobrin, the director general of OOO Saleo will be personally responsible.

The resolution enters into force from the day of its passing.