China to grant Belarus 2.5 billion yuan concessional loan for project in agribusiness
Belarus will raise a 2.5 billion yuan concessional loan to implement an investment project in agricultural industry. This arrangement was formalized by Council of Ministers’ Resolution No. 440 as of 8 June 2018. The text of the resolution is available on the National Legal Internet Portal, BelTA has learnt. In line with the document, in 2019-2024 Belarus will raise a concessional governmental loan from China for the period of 15 years to implement the investment project titled “Building a high-tech full-cycle agricultural enterprise in 2016-2032” (second stage).
The loan is estimated at 2,540 million yuan. The resolution also approves the corresponding draft loan agreement between the government of Belarus acting through the Finance Ministry and the Export-Import Bank of China as the basis for holding negotiations.
The Finance Ministry has been authorized to hold the talks and sign the document provided agreements are reached within the approved draft loan agreement. On 8 June 2018 the Council of Ministers also passed Resolution No. 439 to endorse a framework agreement on the loan provision. The Economy Ministry has been authorized to hold the talks and sign the document. As BelTA informed earlier, a similar framework agreement to implement the first stage of the high-tech investment project in agribusiness was signed by Belarus and China in February.
The concessional loan under the agreement was estimated at 1.75 billion yuan. The lending procedure involves signing an intergovernmental framework agreement on granting a concessional loan followed by concluding a loan agreement with the Export-Import Bank of China.