EDB and Belarusbank to jointly finance the construction of a new rolling mill
Almaty, 21 February 2013. Eurasian Development Bank and Belarusbank will jointly finance the investment project to construct a small section rolling mill at the Byelorussian Steel Works, the management company of the Byelorussian Metallurgical Company, in Zhlobin, Belarus. The banks stated this in their Framework Agreement signed by Sergei Pisarik, Chairman of the Management Board at Belarusbank, and Gennady Zhuzhlev, Deputy Chairman of the Management Board at EDB.
In accordance with the agreement EDB as the arranger of finance for the project will provide €141 million and Belarusbank €142.8 million.
The project envisages the construction of a rolling mill, including the purchase, installation and commissioning of cutting-edge equipment and the building of a new small-section wire shop. At the first stage the new mill will produce 700,000 tonnes of wire a year. After additional equipment is installed the output will increase to 1 million tonnes a year.
The new facility will make it possible to manufacture products with a higher added value, which will be sold in global markets. Up to 25% of products will be sold in Belarus, 13% supplied to the CIS countries and 62% to foreign countries. The mill will create more than 200 jobs.
Additional Information
Belarusbank Joint-Stock Savings Bank is Belarus’ largest full-service financial and credit institution. The bank offers more than 100 banking services and products, including cash settlements, lending, deposit banking, leasing, factoring, cash collection, international and interbank settlements, foreign currency exchange and conversion, plastic cards transactions, consulting and depository services. It has six regional branches, 29 local branches, 96 banking services centres, 1,774 outlets and 190 exchange offices. Read more at https://belarusbank.by/
The Byelorussian Steel Works — the management company of the Byelorussian Metallurgical Company was set up in 1984 and has since become one of the global leaders in ferrous metallurgy. The Byelorussian Steel Works is a high-tech metallurgical enterprise specialising in steelmaking and the manufacture of rolled products for reinforcement and construction as well as steel cords for the production of tyres. The main feedstock used by the enterprise is metal scrap. The Byelorussian Steel Works is one of the top five Belarusian enterprises in terms of output and one of the country’s leading exporters. Read more at https://www.belsteel.com/
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.
Belarusbank Press Centre:
Larisa Grinko, +375173090389,