Business news

MINSK, 17 June (BelTA) - An agreement between the Government of Belarus and the Government of China on the implementation of the second phase of the project on the construction of social housing in Belarus, which was concluded via an exchange of letters, was posted on the National Legal Portal, BelTA informs.

There are plans to build 22 residential houses with the total area of about 118,000 square meters per 1,854 apartments. The first stage of the project, which is due for completion in September, envisages the construction of 16 houses per 1,432 apartments in Brest, Pinsk, Vitebsk, Orsha, Gomel, Buda-Koshelevo, Yubileiny village, Mozyr, Svetlogorsk, Grodno, Mogilev, Bobruisk, and Osipovichi.

China undertakes construction costs and instructs the company's project manager to carry out external supervision and financing management. Expenses for the implementation of the project include: the development of construction designs, construction works, the supply of necessary equipment and materials, their installation and commissioning, as well as other costs stipulated in the project documentation. Expenses do not exceed 349.09 million yuan, including across the regions: Brest Oblast - 32.51 million yuan, Vitebsk Oblast - 55.53 million yuan, Gomel Oblast - 54.73 million yuan, Grodno Oblast - 47.51 million yuan, Minsk Oblast - 81.04 million yuan, Mogilev Oblast - 61.77 million yuan, and Minsk - 16 million yuan, and the corresponding costs of the project management company on Chinese behalf not exceeding 20.01 million yuan.

Financing will be made up of the technical and economic assistance resources envisaged in the agreement between the government of the People’s Republic of China and the government of Belarus of 29 September 2016, and also technical and economic assistance funds in 2017.

The technical and economic assistance provided by China is used to build social housing in Belarus with a view to improving the living conditions of citizens who are in need of better housing conditions, including low-income segments of the population defined by the Belarusian legislation. Social housing built using technical and economic assistance will be in state (communal) ownership. It is not subject to sale or lease, as well as inheritance.