Tavrichesky Palace Hosted Ceremony of Signing Agreement between EDB and Government of Belarus

St. Petersburg, 17 June 2010. Today, on the eve of the meeting of the CIS Economic Council, Andrei Kobyakov, Deputy Prime-Minister of Belarus, and Igor Finogenov, Chairman of the EDB Executive Board, signed the Agreement on the Terms of the Bank’s Presence in Belarus.

The Agreement creates favourable conditions for the Bank’s activity and determines its status, immunities and privileges in Belarus which officially joined the Agreement Establishing the EDB in February 2009.

The Bank has entered into similar agreements with the governments of all its member states: Russia, Kazakhstan, Tajikistan and Armenia.

The Agreement enables the Bank to open its representative office in Minsk and embark on investment projects in the country.

At present the EDB implements a major investment projects with a Belarusian company – the financing of supply of BelAZ lorries to the coal open-pits operated by SUEK for $55 million.

The Bank is also evaluating a number of large investment projects proposed for implementation in Belarus which are in line with its mission and strategy.

“The Bank is prepared to take part in large investment projects in Belarus,” said Igor Finogenov, “first of all in energy, chemistry and mechanical engineering. Particularly, we have prepared for signing a project to construct the Polotskaya Hydraulic Power Plant on the West Dvina for about $100 million. In addition, the Executive Board has approved a trade financing project for SAREKS to purchase tractor parts from the Minsk Tractor Plant for $50 million. The agreement signed today will enable the EDB to commence its operations in Belarus”.

The main criteria for projects proposed to the EDB are economic viability and potential for development, modernisation and enhancing competitiveness of the Belarusian economy, and promoting its integration with the Bank’s member states.