Belarus govt offers financial stability solution for Miory Rolled Metal Plant
<p> MINSK, Oct 22 - PrimePress. The Belarusian government has proposed measures to stabilize the financial and economic situation at MMPZ-Group Ltd (Miory, Vitebsk Oblast), Prime Minister of Belarus Roman Golovchenko told journalists on 22 October. </p> <p> </p> <p> Golovchenko said that the company had made many miscalculations during the investment stage and is now facing difficulties in dealing with the credit burden. “Although the company started operating at the end of last year, it has not been able to reach the kind of turnover that would allow it to repay its obligations,” he said, reported by as the government’s press service. </p> <p> </p> <p> Golovchenko says that the project was private and the state was only involved in creating the infrastructure for it. “In essence, it is a private project. And despite this, it has been decided that the state will not abandon this enterprise. If only because some 600 of our citizens work there. And we cannot abstract away from this process,” he said. </p> <p> </p> <p> In his words, the state will take necessary steps to stabilize the financial and economic situation at the plant. </p> <p> </p> <p> Miory Rolled Metal Plant Ltd is the only manufacturer of tin-plated steel in Belarus. The company was also supposed to produce cold-rolled steel. The investment value of the project was €400 million. The project is financed at the expense of an interbank credit from Germany’s AKA Export Finance Bank, credits by Russia’s VTB Bank and Roseximabank, and also Belarusbank. </p> <p> </p> <p> The main investor of MMPZ construction was MMRZ GmbH (Austria). The equipment and technologies were supplied by SMS Group GmbH (Germany). The general designer of the plant was MetPromStroi (Russia), the general contractor of the project was Minskpromstroi OJSC. End </p>
2021-10-23
Primepress
Belarus govt offers financial stability solution for Miory Rolled Metal Plant
MINSK, Oct 22 - PrimePress. The Belarusian government has proposed measures to stabilize the financial and economic situation at MMPZ-Group Ltd (Miory, Vitebsk Oblast), Prime Minister of Belarus Roman Golovchenko told journalists on 22 October.
Golovchenko said that the company had made many miscalculations during the investment stage and is now facing difficulties in dealing with the credit burden. “Although the company started operating at the end of last year, it has not been able to reach the kind of turnover that would allow it to repay its obligations,” he said, reported by as the government’s press service.
Golovchenko says that the project was private and the state was only involved in creating the infrastructure for it. “In essence, it is a private project. And despite this, it has been decided that the state will not abandon this enterprise. If only because some 600 of our citizens work there. And we cannot abstract away from this process,” he said.
In his words, the state will take necessary steps to stabilize the financial and economic situation at the plant.
Miory Rolled Metal Plant Ltd is the only manufacturer of tin-plated steel in Belarus. The company was also supposed to produce cold-rolled steel. The investment value of the project was €400 million. The project is financed at the expense of an interbank credit from Germany’s AKA Export Finance Bank, credits by Russia’s VTB Bank and Roseximabank, and also Belarusbank.
The main investor of MMPZ construction was MMRZ GmbH (Austria). The equipment and technologies were supplied by SMS Group GmbH (Germany). The general designer of the plant was MetPromStroi (Russia), the general contractor of the project was Minskpromstroi OJSC. End