The funds will be used to finance the customers’ foreign trade transactions.
Almaty, October 29, 2012 - The Eurasian Development Bank (EDB) and Belgazprombank have executed the loan documentation, which sets the increase of the EDB Credit Line up to USD 40 mln for this Belarusian bank to finance its customers’ foreign trade transactions.
The tenor of the relevant Framework Agreement, executed by EDB and Belgazprombank in 2011, was also extended. According to this Agreement the EDB commits a trade finance Credit Line in the amount of USD 20 mln, 60% of which have been designated to finance the bilateral trade between Belarus and other countries – Eurasian Development Bank’s Member States (EDB Member States).
During almost two years of cooperation within the framework of the EDB’s Program Belgazprombank has provided funding for more than 60 foreign trade contracts of its customers in such economic sectors as light and food industry, machinery, chemical industry, metallurgy, energetics as well as in the production and sale of construction materials. The overall contribution of the EDB Project and Belgazprombank into the enhancement of mutual trade between the Republic of Belarus, the Russian Federation and the Republic of Kazakhstan, comprises over USD 15 mln.
The Project with Belgazprombank is implemented under EDB’s Program devoted to the development of trade finance instruments and promotion of trade relations between the EDB Member States, established in 2010, which considers trade finance as an effective instrument of integration and the generator of mutual trade.
Financing of export-import operations has a positive impact on the development of cooperation and partnership between the enterprises in the EDB Member States, and creates the preconditions for joint ventures establishment.
Point of Information
Belgazprombank was founded in 1990 and is currently an authorized bank of Gazprom Group in the Republic of Belarus. The Bank is included into TOP-10 largest banks of the country and ranks 7th in terms of assets and net worth. Today Belgazprombank is one of the top-banks for entities of Belarusian non-public sector.
For additional information please contact Financial Institutions, Tel. + 375 17 218 36 55
The Eurasian Development Bank is an international financial institution established by Russia and Kazakhstan in January 2006 to promote the development of market economies, their sustainable economic growth and the expansion of trade and economic ties. The EDB’s authorized capital exceeds USD 1.5 billion. The Eurasian Development Bank’s Member States are: the Republic of Armenia, the Republic of Belarus the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation and the Republic of Tajikistan.
More information about EDB can be found at www.eabr.org
For additional information please contact:
Julia Ostroukhova, +77019912843
Michael Mzareulov, +7 9032446025