Business news

Lukashenko signs decree to improve export promotion mechanism

MINSK, 4 February (BelTA) - On 4 February, Belarus President Aleksandr Lukashenko signed Decree No. 39 which provides for making the mechanism of promoting the export of Belarusian products more attractive and accessible. The document changes the norms of some previous decrees of the head of state, BelTA learned from the press service of the Belarusian leader.

The decree lets the Development Bank of Belarus extend export loans to residents of Belarus for the production of goods, works and services and their subsequent sale to non-residents in 2021-2022; to use such financial instruments as factoring (assignment of monetary claims), post-financing and discounting of letters of credit in 2021-2022.

In 2021-2022 Belarusian banks are granted the right (according to the list approved by the Council of Ministers) to issue export loans to residents for the production of goods, works and services and their subsequent sale to non-residents, as well as non-residents to pay for goods, works and services sold by residents.

Insurance organizations with equity capital of at least Br25 million are granted the right to insure export risks without attracting budget funds for insurance payments.

Another innovation is the abolition of the minimum amount of export loans (an amount equivalent to at least $200,000).

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