Belarusbank raises loan from German banks to finance supply of equipment for Gomeldrev


Belarusbank signed a credit agreement to the tune of more than $40 million with a consortium of German banks to finance the supply of equipment for Gomeldrev.

The funds have been provided to finance the supply of equipment to manufacture MDF (medium density fiberboard) under a contract between Gomeldrev and Siempelkamp Maschinen-und Anlagenbau GmbH.

Belarusbank reported that the document was signed during a meeting between senior officials of Belarusbank and Euler Hermes, the German agency for export credit insurance, the German banks AKA Ausfuhrkreditgesellschaft mbH, Commerzbank AG and Landesbank Baden-Wuerttemberg.

The sides discussed the results of mutual cooperation in the field of tied financing with Euler Hermes, promising new projects.

Gomeldrev is one of the largest furniture companies in Belarus. The product range includes over 300 names. Natural fine wood is widely used in the production. The company is part of the Bellesbumprom concern.

According to www.belta.by