EDB opens a US $40 million loan facility for Belarusbank for trade finance
Minsk, 6 June 2017. Eurasian Development Bank (EDB) and Belarusbank signed an agreement to finance foreign trade transactions of Belarusbank's clients in the EDB member states. The document was signed by Dmitry Ladikov-Roev, Managing Director for Assets and Liabilities at EDB, and Victor Perepelitsa, Executive Director of Belarusbank.
In accordance with the agreement, EDB will provide US $40 million for five years. The funds may be extended for three to twelve months. The loan will be used in full to finance export and import transactions between the EDB member states. It may be disbursed in the US dollars, euros, tenge, or Russian roubles.
"All the funds intended for trade finance will be used to support export and import transactions aimed at promoting mutual trade between the Bank's member states. In this context, we should emphasise the role of trade finance as an efficient instrument of integration and a short-term but strong generator of mutual trade," Dmitry Ladikov-Roev commented.
"The agreement will foster trade and economic cooperation between the EDB member states. Being the largest bank in Belarus, we have significant capacity to finance businesses. The agreement with Eurasian Development Bank will open new opportunities for our corporate clients as regards mutual trade with businesses from the EDB member states, promote dialogue between partners from these countries, and enhance integration effects," Victor Perepelitsa emphasised. <+/p>
Additional Information
Eurasian Development Bank (EDB) 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 totals US $7 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.
Belarusbank is the largest financial institution in Belarus offering all types of banking products and services and having a wide network of branches and offices. It is the leader in the country's banking system in terms of equity, assets, loans and deposits.
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