Nikolai Podguzov, Chairman of the EDB Management Board, meets with Nikolai Snopkov, First Deputy Prime Minister of Belarus

09 December 2020

Minsk, 9 December 2020. Nikolai Podguzov, Chairman of the Management Board of the Eurasian Development Bank (EDB), met with Nikolai Snopkov, First Deputy Prime Minister of Belarus.

The sides discussed EDB operations in Belarus and the expansion of cooperation in end-to-end integration projects.

“Our objective is to develop the economies and integration processes in the EAEU and Tajikistan. Over the last year and a half, our portfolio in Belarus has grown quite seriously, to about US $1 billion,” said Nikolai Podguzov, Chairman of the EDB Management Board.

“Although we do already have a significant portfolio, we will certainly count on and be grateful for help and support in this situation,” commented Nikolai Snopkov, First Deputy Prime Minister of Belarus. He also praised the Bank’s analytics and macroeconomic projections as unaffiliated and highly professional.

As of 1 December 2020, Belarus’s share in the EDB’s current investment portfolio was US $988.9 million. It has grown by 2.75 times over two years – from 9.2% in December 2018 to 25.3% in December 2020.

The EDB supported Belarusian customers during the pandemic. In particular, the Bank exempted Belarusian Steel Works from paying increased interest for violation of the financial covenants, with a payment holiday granted until the end of 2020, and considers extending these terms to 2021. The EDB also proposed anti-crisis measures to overcome the negative consequences of the pandemic to Belaruskali and BELAZ. The current interest rate was lowered for Vitebskenergo and a bridge loan was provided to Minskenergo to prepay equipment supplies under a new investment project (EUR 40.5 million).

This work will continue as part of the programme to countercyclically support the member economies in the face of external and internal shocks.

By the end of the year, the Bank plans to sign a loan agreement with Minskenergo for more than EUR 100 million. The EDB’s current investment portfolio in Belarus will then exceed US $1 billion.

The Bank intends to continue lending to Belarusian enterprises not only in the sectors it has been traditionally working in such as energy, mechanical engineering, metallurgy, mining, and the financial (banking) sector, but also in new industries, IT in the first place.

Additional Information:

The Eurasian Development Bank (EDB) is an international financial institution promoting integration and development in its member countries – Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, Russia, and Tajikistan. The EDB's charter capital totals US $7 billion. The Bank was established in January 2006 by Russia and Kazakhstan and is headquartered in Almaty. Transport infrastructure, energy, chemical, mining, and mechanical engineering projects with a high integration effect account for the main part of the EDB’s portfolio.

The EDB Media Centre:

Alexander Savelyev +7 (985) 765 23 59 (Moscow)

Azima Sapargaliyeva +7 (777) 750 00 08 (Almaty)

Sergey Gorbachev +7 (916) 727 22 00 (Moscow)

pressa@eabr.org

www.eabr.org

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