Business news

MINSK, 17 May (BelTA) – As much as ¥127.17 million will be spent without compensation on building a rental residential complex in the China-Belarus industrial park Great Stone, the press service of the Belarusian Economy Ministry told BelTA.

The Belarusian government and the Chinese government signed the agreement on building a rental residential complex in the industrial park in Minsk on 15 May by exchanging the relevant letters. The document provides for allocating gratuitous aid to the tune of ¥127.17 million for building a rental residential complex.

Economy Minister Vladimir Zinovsky signed the document on behalf of the Belarusian government and in line with the Council of Ministers’ resolution No.356 of 15 May 2018. The document was signed by Ambassador Extraordinary and Plenipotentiary of China to Belarus Cui Qiming on behalf of the Chinese government.

The cooperation memorandum signed by the Belarusian Economy Ministry and the Chinese Commerce Ministry on 29 September 2016 in order to develop the China-Belarus industrial park Great Stone via technical economic aid provides for enabling conditions for the development of the social infrastructure of the industrial park (a residential complex with integrated premises for social functions).

The agreement on building the rental residential complex in the industrial park is part of the work to fulfill the arrangements specified by the minutes of the ninth session of the working group on matters concerning the China-Belarus industrial park on 10 April 2017 and the third session of the trade and economic cooperation commission of the Belarus-China intergovernmental cooperation committee on 11 April 2017. As a result of those sessions the sides agreed to further support the development of the industrial park with the technical economic aid from the Chinese government. The aid will be channeled into building the social infrastructure for the full-value operation of the park.

BelTA reported earlier that SZAO Industrial Park Development Company will receive the technical economic aid for implementing the project. The company is also expected to use its own resources to finance the designing of the rental residential complex, prepare the construction site, build the infrastructure, ensure construction oversight, and take care of expenses in excess of the contract cost of the complex in relation to the amount of money available via the technical economic aid.