EDB plans to sign €100m loan agreement with Minskenergo till late 2020
<p> MINSK, Dec 11 – PrimePress. The Eurasian Development Bank (EDB) intends to conclude a loan agreement with RUE Minskenergo in the amount of more than €100 million by the end of 2020. As a result, the EDB’s current investment portfolio in Belarus will exceed $1 billion, said EDB CEO Nikolai Podguzov. </p> <p> </p> <p> Podguzov said: “By the end of the year, the Bank plans to sign a loan agreement with Minskenergo for more than €100 million. The EDB’s current investment portfolio in Belarus will then exceed $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.” </p> <p> </p> <p> The EDB supported Belarusian customers during the pandemic. In particular, the Bank exempted Belarusian Steel Works fr om 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). </p> <p> </p> <p> He added that in recent years the bank has significantly increased its current investment portfolio in Belarus. Between January 2019 and November 2020, ten loan agreements were concluded for a total of approximately $640 million. </p> <p> </p> <p> “Major loans were provided to Belaruskali (with a limit of USD 400 million), BELAZ (with a limit of USD 100 million) and Minskenergo (with a lim it of EUR 40 million). As of 1 December 2020, Belarus' share in the EDB's current investment portfolio was $988.9 million. In general, it increased from 9.2% in December 2018 to 25.3% in December 2020, i.e. 2.75 times,” said Podguzov. End </p>
2020-12-12
Primepress
MINSK, Dec 11 – PrimePress. The Eurasian Development Bank (EDB) intends to conclude a loan agreement with RUE Minskenergo in the amount of more than €100 million by the end of 2020. As a result, the EDB’s current investment portfolio in Belarus will exceed $1 billion, said EDB CEO Nikolai Podguzov.
Podguzov said: “By the end of the year, the Bank plans to sign a loan agreement with Minskenergo for more than €100 million. The EDB’s current investment portfolio in Belarus will then exceed $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.”
The EDB supported Belarusian customers during the pandemic. In particular, the Bank exempted Belarusian Steel Works fr om 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).
He added that in recent years the bank has significantly increased its current investment portfolio in Belarus. Between January 2019 and November 2020, ten loan agreements were concluded for a total of approximately $640 million.
“Major loans were provided to Belaruskali (with a limit of USD 400 million), BELAZ (with a limit of USD 100 million) and Minskenergo (with a lim it of EUR 40 million). As of 1 December 2020, Belarus' share in the EDB's current investment portfolio was $988.9 million. In general, it increased from 9.2% in December 2018 to 25.3% in December 2020, i.e. 2.75 times,” said Podguzov. End