EDB to allocate Belarus $2bn in loans to finance power engineering projects


The Eurasian Development Bank (EDB) plans to allocate up to $2 billion in loans to finance development projects in the Belarusian power engineering industry, chairman of the board of the EDB Igor Finogenov announced on November 3.

“We have calculated that the bank’s involvement in the energy development projects in Belarus alone may reach $1.5-2 billion. We are making progress in other areas too. As of today the portfolio makes up $630 million. This is our participation in the projects,” Igor Finogenov said.

The chairman of the Board of the EDB said that the work on projects in Belarus will continue. “It allows us to join some really interesting projects, which are economically viable and important for the country. This will promote cooperation and integration in the Eurasian Economic Community and the CIS,” he added.

According to Deputy Prime Minister of Belarus Andrei Kobyakov, the country expects great results from the cooperation with the EDB. He recalled that in 2011-2015 Belarus is set to implement an ambitious program to modernize the economy. “We will need to attract a sufficiently large amount of investment, ‘long’ money, at reasonable rates. The EDB is one of those financial institutions that can make a contribution to the social and economic development program for the next five years,” Andrei Kobyakov said. He added that the bank is ready to give loans to Belarus for 15 years at attractive rates. “The main thing is that the bank is ready to credit our infrastructural projects which are “the backbone of the economy,” Andrei Kobyakov stressed.

According to www.belta.by