EDB increases lending for Belgazprombank
The funds will be used to finance foreign trade transactions of the bank’s clients.
Almaty, 29 October 2012. Eurasian Development Bank (EDB) and Belgazprombank signed today financial documents in accordance with which EDB will increase its loan facility to finance foreign trade transactions of this Belarusian bank’s clients to US $40 million.
In addition, the period of the framework agreement signed by EDB and Belgazprombank in 2011 was extended. Under that agreement EDB provided a US $20 million loan facility for the purposes of trade finance. Sixty percent of the loan facility was intended to finance Belarus’ trade with other EDB member states.
Over almost two years, Belgazprombank disbursed EDB’s loan facility to finance more than 60 foreign trade contracts of its clients in the light and food industries, mechanical engineering, chemistry, metallurgy, energy, and the production and sale of construction materials. EDB and Belgazprombank’s joint contribution to expanding mutual trade between Belarus, Russia and Kazakhstan totalled more than US $15 million.
The project with Belgazprombank is being implemented in the framework of EBD’s Programme for the Development of Trade Finance Instruments and the Expansion of Mutual Trade between the EDB Member States. The programme was adopted in 2010 and views trade finance as an efficient instrument of integration and a generator of mutual trade. Financing import and export transactions helps advance cooperation and partnership between businesses from the EDB member states and provides grounds for the creation of joint ventures.
Additional Information
Belgazprombank was established in 1990 and is an authorised bank of the Gazprom Group in Belarus. Belgazprombank is one of the top ten largest banks in the country, ranking seventh in terms of assets and equity. Today Belgazprombank is a backbone bank for non-governmental enterprises in Belarus. Read more at https://www.belgazprombank.by
For additional information please contact:
Financial Institutions Department at Belgazprombank, + 375 17 218 36 55
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.