On August 28, 2014 Belgazprombank and Eurasian Development Bank (EDB) signed the USD 10 million loan agreement with five years of maturity. This is the first project committed by EBD under its new Programme on development of agricultural sector adopted in 2013.
The loan proceeds will be used to finance Belarusian companies implementing projects in agricultural sector. The investments will be made into traditional agro activities relating to production, processing and sale of agricultural products as well as into purchase of agricultural machinery and equipment produced in the member countries of EDB and sustainable agricultural projects.
- The new loan agreement with Eurasian Development Bank will help us to diversify a variety of loan operations financed out of facilities of international financial institutions. –marked Sergey Shaban, the Deputy Chairman of the Board. – At present the development of agricultural industry is very important for all countries participating in the Eurasian economic area. Customer lending under this new initiative will allow us to increase competitiveness of agricultural producers, strengthen integration tendencies in the region and expand trade and economic relations between the member states of Eurasian Development Bank.
Belgazprombank began its cooperation with EDB in 2011. Since then more than 160 export and import trade transactions have been mutually financed in the total amount exceeding USD 100 mln.
Belgazprombank, established in 1990 and controlled by Russia’s Gazprom Group, occupies a leading position in lending to the Belarusian private sector, particularly to small and medium enterprises.
Eurasian Development Bank is an international financial institution established by Russia and Kazakhstan in January 2006 to promote development of competitive markets, ensure stable economic growth and strengthen mutual trade and economic relations between its members. The share capital of EDB exceeds USD 1.5 bln. Its members include Armenia, Belarus, Kazakhstan, Kyrgyz Republic, the Russian Federation and Tajikistan.