Belarus looking for alternative lenders to substitute $0.5bn in European loans for reconstruction of major roads
<p> MINSK, Aug 17 – PrimePress. Belarus is looking for a substitute to European credits to finance highway reconstruction and repairs in the amount of nearly $0.5 billion. </p> <p> </p> <p> Minister of Transport and Communications Alexei Avramenko made a statement to this effect in a television interview on 16 August. </p> <p> </p> <p> “Further advancement on investment projects is also important for us. These include M3 highway Minsk-Vitebsk, R46 from Lepel to Polotsk with the construction of a bypass and a new bridge, M7 Minsk - Lithuanian border. These are the main projects with the relevant loan agreements signed with the European banks, and today we have to find other sources of funding for their implementation. The approximate amount is $0.5 billion,” the minister said. </p> <p> </p> <p> The minister also named sections of the national highways, which are planned to be commissioned by the end of this year. In particular, he mentioned a project to reconstruct road R53 to Smolevichi. “It will be a new concrete road. We will also complete the reconstruction of the Slootsk-Soligorsk section of Minsk-Mikashevichi road R23,” said Avramenko. </p> <p> </p> <p> As previously reported, Belarusian President Alexander Lukashenko approved an agreement (signed on 10 July 2020) between Belarus and the European Bank for Reconstruction and Development (EBRD), whereby the bank will provide a credit €259 million to finance motorway bridges and the M3 motorway (Minsk-Vitebsk). The recipient of the credit money shall be Minskavtodor-Center Company. </p> <p> </p> <p> The European Bank for Reconstruction and Development will earmark €259 million at 1.2% per annum to reconstruct 12 bridges and M3 Road in Belarus. The first tranche of €126 million will be spent on the reconstruction and modernization of 12 bridges. The second tranche of €133 million is intended for renovation of 47-kilometer section of the M3 highway (Minsk-Vitebsk). The credit is provided for a 25-year period at 1.2% per annum. </p> <p> </p> <p> As previously reported, while meeting with EIB Vice President Vazil Hudak in Aug 2019, Belarusian President Alexander Lukashenko said Belarus counted on implementing new projects with the European Investment Bank (EIB). Lukashenko mentioned that the EIB sponsors a number of serious projects in Belarus. In particular, he mentioned the renovation and modernization of the M7/E28 Minsk-Oshmyany-the border of Lithuania (Kamenny Log) motorway, the renovation of a corresponding border checkpoint. “You know that there are some problems with the Baltic direction… I think that sooner or later we will start using the North-South road. It gives access to Saint Petersburg and Odessa. It is in a very good condition in Belarus, but there are problems in other places. I think that this road will be in demand. Of course, the road can be used now. However, even a better road is needed for our region,” said Lukashenko. End </p>
2021-08-18
Primepress
Belarus looking for alternative lenders to substitute $0.5bn in European loans for reconstruction of major roads
MINSK, Aug 17 – PrimePress. Belarus is looking for a substitute to European credits to finance highway reconstruction and repairs in the amount of nearly $0.5 billion.
Minister of Transport and Communications Alexei Avramenko made a statement to this effect in a television interview on 16 August.
“Further advancement on investment projects is also important for us. These include M3 highway Minsk-Vitebsk, R46 from Lepel to Polotsk with the construction of a bypass and a new bridge, M7 Minsk - Lithuanian border. These are the main projects with the relevant loan agreements signed with the European banks, and today we have to find other sources of funding for their implementation. The approximate amount is $0.5 billion,” the minister said.
The minister also named sections of the national highways, which are planned to be commissioned by the end of this year. In particular, he mentioned a project to reconstruct road R53 to Smolevichi. “It will be a new concrete road. We will also complete the reconstruction of the Slootsk-Soligorsk section of Minsk-Mikashevichi road R23,” said Avramenko.
As previously reported, Belarusian President Alexander Lukashenko approved an agreement (signed on 10 July 2020) between Belarus and the European Bank for Reconstruction and Development (EBRD), whereby the bank will provide a credit €259 million to finance motorway bridges and the M3 motorway (Minsk-Vitebsk). The recipient of the credit money shall be Minskavtodor-Center Company.
The European Bank for Reconstruction and Development will earmark €259 million at 1.2% per annum to reconstruct 12 bridges and M3 Road in Belarus. The first tranche of €126 million will be spent on the reconstruction and modernization of 12 bridges. The second tranche of €133 million is intended for renovation of 47-kilometer section of the M3 highway (Minsk-Vitebsk). The credit is provided for a 25-year period at 1.2% per annum.
As previously reported, while meeting with EIB Vice President Vazil Hudak in Aug 2019, Belarusian President Alexander Lukashenko said Belarus counted on implementing new projects with the European Investment Bank (EIB). Lukashenko mentioned that the EIB sponsors a number of serious projects in Belarus. In particular, he mentioned the renovation and modernization of the M7/E28 Minsk-Oshmyany-the border of Lithuania (Kamenny Log) motorway, the renovation of a corresponding border checkpoint. “You know that there are some problems with the Baltic direction… I think that sooner or later we will start using the North-South road. It gives access to Saint Petersburg and Odessa. It is in a very good condition in Belarus, but there are problems in other places. I think that this road will be in demand. Of course, the road can be used now. However, even a better road is needed for our region,” said Lukashenko. End