Business news

MINSK, 21 February (BelTA) – The Council of Ministers will provide guarantees to the China Development Bank for a loan Belarusbank intends to get. The decision is laid down by the Council of Ministers’ executive order No.151 of 20 February, the press service of the Belarusian government told BelTA.

The Belarusian government will assure the China Development Bank that the $100 million Belarusbank will borrow in order to finance its routine operation will be repaid. Interest rate and other payments involved in using the guaranteed loan will be paid as well.

The government guarantees will be available after Belarusbank and the China Development Bank sign the credit agreement and after Belarusbank and the Finance Ministry sign the agreement to stipulate how and when the guaranteed loan will be used and repaid.

The executive order comes into force as of the day it was signed.

BelTA reported earlier that on 3 February Belarus President Alexander Lukashenko signed decree No.36 to approve Belarusbank’s intention to borrow $100 million from the China Development Bank for the sake of financing the routine operation of the Belarusian bank. It will be an unprecedented loan for Belarusian commercial bank that work with Chinese partners because it will be untied.