Moscow, 15 December 2011. Today the Eurasian Development Bank (EDB) transferred its portion of a syndicated loan to Belaruskali totalling US $100 million. The loan was provided against guarantees from the Belarusian government for the company’s general corporate purposes.
The US $1 billion syndicated loan agreement was signed by the EDB and Sberbank of Russia with Belaruskali on 18 November 2011 in Minsk.
The project is in line with the Bank’s strategic goals to foster sustainable growth, modernisation and economic competitiveness of the EDB member states.
“The financing of the company will have a significant effect on the development of the market economy and help improve the macroeconomic situation and investment climate in Belarus,” Igor Finogenov, Chairman of the EDB Executive Board, said.
In addition, the project will have a significant integration effect because Belaruskali supplies its products to more than fifty countries, including the EDB member states. In particular, the trade between Russia and Belarus is expected to increase by about US $36 million.
Additional Information
Belaruskali is one of the world’s leading producers of potash fertilisers, with a global share of about 16% and annual production of more than 8 million tonnes. Belaruskali supplies its products to more than fifty countries. It develops the Starobin deposit, one of the world’s largest and CIS’s second largest potash deposits with in-place reserves of more than 900 million tonnes. Belaruskali is a fully state-owned enterprise.
