EDB to allocate Belarus $2bn in power loans

12 November 2010


The Eurasian Development Bank (EDB) plans to allocate up to $2 billion in loans to finance development projects in the Belarusian power engineering industry.

“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” the bank's chairman Igor Finogenov said.

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 co-operation and integration in the Eurasian Economic Community and the CIS,” he added.

The EDB Office in Belarus opened in Minsk on November 3. It is an international financial organisation founded by Russia and Kazakhstan in January 2006 to further the development of market economies of its member states, to encourage their sustainable economic growth and to expand mutual trade and economic ties. According to the founding documents, any country or international organisation can apply for the EDB membership, as long as the bank’s criteria are met. Successful applicants become members following a decision of the EDB Council and after having paid in a required share capital.

The Belarusian government and the EDB signed an agreement in Saint Petersburg on 17 June 2010 to determine the rules associated with the bank's location in Belarus, to determine immunities and privileges of the bank as an international financial organization.




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