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VEB.RF grants $59m to finance BelAZ machinery supplies to Uzbekistan

MINSK, 16 March (BelTA) – The Russian bank VEB.RF has fully financed the supply of BELAZ dump trucks with the lifting capacity of 220 tonnes to the Almalyk Mining and Metallurgical Complex (Almalyk MMC) in Uzbekistan, BelTA learned from the press service of Bank BelVEB.

The $59 million loan agreement was signed in December 2020. The share of Russian components in the prime cost of the equipment is over 30%. This is a necessary condition for VEB.RF to participate in the project financing.

“The first transaction to supply Belarusian products to third countries has been financed. These products were manufactured as part of cooperation projects between Russian and Belarusian enterprises. The exporters of the two countries received a new tool of support to enter promising markets,” Deputy Chairman of VEB.RF - Member of the Board Daniil Algulyan said.

The financing of the deal became possible due to the existing agreement between the government of Belarus and VEB.RF. Bank BelVEB will act as the agent of the government of Belarus.

“Fulfilling its strategic mission, the bank continues to focus on projects aimed at promoting Russia-Belarus initiatives. After completing this transaction in partnership with the parent bank, these efforts acquired a new quality. The banks have gained practical experience and are ready to offer other Belarusian companies working in close cooperation with Russian partners an effective mechanism to facilitate export to third countries. This is a new line of activity in the interests of the both states,” Vasily Matyushevsky, Chairman of the Board of Bank BelVEB, said.

Almalyk MMC is one of the largest mining and metallurgical companies in Uzbekistan. It accounts for about 90% of silver and 20% of gold produced in the country. It is also Central Asia’s biggest copper producer.

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