Belarus’ Development Bank to independently select commercial projects for financing

<p> MINSK, Jul 20 - PrimePress. The Development Bank of the Republic of Belarus OJSC has been given a mandate to independently sel ect commercial investment projects for financing in accordance with Council of Ministers resolution No.414 of July 10, 2020. Previously, the bank was mainly working with projects included in state programs or approved by the president or the government, the bank’s press office reports. </p> <p>   </p> <p> “The bank selects commercial investment projects that meet one of the criteria: the amount of capital expenditure of at least Br40 million ($16.7 million at the rate of the National Bank of Belarus) inclusive of VAT, or the dynamic payback period of the project of at least seven years. The financing by the Development Bank is at least 85% of the investment costs inclusive of VAT; the loan term is up to 15 years, but not more than the dynamic payback period of the project,” reads the report. </p> <p>   </p> <p> The bank is ready to offer a number of products both in the national and foreign currencies, not only fr om its own funds, but also in tied foreign loans with or without insurance coverage by export credit agencies, depending on the periods of foreign credit lines. </p> <p>   </p> <p> The Development Bank of the Republic of Belarus was established in 2011 by presidential decree No.261 of June 21, 2011 to increase the efficiency of projects included in government programs, reduce the time of their implementation and cost recovery. It finances government programs on its own behalf and at its own expense on terms of urgency, payment and repayment. The state holds 96.224% in the bank’s statutory capital. End </p>

2020-07-20

Primepress