A municipal infrastructure project is completed in Belarus with finance from EDB

Almaty, 15 April 2014. The new Renaissance hotel, which opened recently in the capital in Belarus, was built using a loan from Eurasian Development Bank (EDB).

In November 2012 EDB and Mospromstroy Hotel, a subsidiary of Mospromstroy established specifically to implement this project in Belarus, signed a US $47 million loan agreement to build a hotel in Minsk.

The four-star 264-room Renaissance hotel is intended to accommodate visitors to the capital of Belarus and host exhibitions, conferences and other events in its business centre.

The project is expected to bring the Belarussian economy an extra output of approximately US $22.8 million a year while annual tax proceeds from its operation are forecasted to exceed US $3 million.

“Minsk is in acute need for quality hotels and offices. This project will contribute to the advancement of the tourist infrastructure, which, in turn, will foster the development of other sectors. This project is of social importance as a source of employment: it will create 315 jobs in the hotel itself and over 540 jobs in related sectors,” emphasises Gennady Zhuzhlev, Deputy Chairman at the EDB Management Board. “In addition, the project will result in the formation of an integrated trans-border group engaged in the development of a hotel network in the EDB member states.”

Since 2011 EDB has been taking part in financing a similar project — the construction of a hotel and business estate in Astana. The Bank’s share in this project is US $44 million. Construction is performed by Astanapromstroy-M, another subsidiary of Mospromstroy.

Additional Information

Mospromstroy constructs and reconstructs residential estates, hotels, large industrial complexes, public and administrative buildings, health and sports facilities. The company accounts for almost a third of Moscow’s construction market. Its track record includes over 2,000 constructed and reconstructed buildings and millions of square metres of housing.

Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth and the expansion of mutual trade and other economic ties in its member states. EDB’s charter capital exceeds US $1.5 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan. Read more at https://www.eabr.org.