EDB opens a US $75 million facility for BELAZ

Minsk, 16 May 2014. Eurasian Development Bank (EDB) and BELAZ — The Management Company of BELAZ HOLDING (BELAZ) signed today a US $75 million loan facility agreement for three years. The document was signed by Gennady Zhuzhlev, Deputy Chairman of the Management Board at EDB, and Andrei Doronin, Deputy General Director of BELAZ.

In accordance with the agreement, the loan will be used to purchase raw materials and parts to manufacture mining dump trucks and other machinery produced by BELAZ.

“The finance will make it possible to boost output and ensure additional budget revenues,” comments Gennady Zhuzhlev. “The project will help enhance Belarus’ trade with Russia, where the company supplies over 60% of its products. At the same time, approximately 40% of materials and parts for BELAZ will be purchased from Russian vendors during the project period.”

This is not EDB’s first transaction in its partnership with the Belarusian machinery producer. In 2010 the Bank provided a loan to Siberian Coal Energy Company (SUEK) to purchase 25 new BELAZ trucks with capacity of up to 220 tonnes.

Additional Information

BELAZ OJSC — The Management Company of BELAZ HOLDING is the world’s largest producer of high and extremely high capacity mining dump trucks and other heavy machinery used in the mining and construction sectors. The plant’s main purchasers are mining enterprises from the CIS countries.

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.