Govt, National Bank define conditions for providing export credits
<p> MINSK, May 6 - PrimePress. The government and the National Bank of Belarus have defined conditions for granting export credits. They conditions are spelt in resolution #260/5 of May 4, 2021, which was published on the National Legal Internet Portal of Belarus. </p> <p> </p> <p> The document sets out the requirements for residents (except for leasing companies) or non-residents (except for foreign banks) applying for export credits in 2021-2022, as well as for residents, applying for financing against cash cession (factoring) in export contracts. </p> <p> </p> <p> Parties applying for an export credit shall submit to the bank the documents determined by the bank; and to the Ministry of Finance the justification for granting an export credit in the required amount with an indication of the repayment term. </p> <p> </p> <p> The document says that an export credit application may be rejected if the Finance Ministry finds it impossible to compensate for export credit losses to the issuer bank; another ground for rejecting an export credit application the absence of export risk insurance. </p> <p> </p> <p> As previously reported, the President of Belarus (ordinance #39 of February 4, 2021) authorized banks to issue export credits to resident companies for the production of goods, works and services and their subsequent implementation to non-residents in 2021-2022; and also to non-residents - to pay for goods, works and services sold by residents. The list of banks, according to the ordinance, is approved by the Council of Ministers. Earlier, only the Development Bank had this right. End </p>
2021-05-07
Primepress
Govt, National Bank define conditions for providing export credits
MINSK, May 6 - PrimePress. The government and the National Bank of Belarus have defined conditions for granting export credits. They conditions are spelt in resolution #260/5 of May 4, 2021, which was published on the National Legal Internet Portal of Belarus.
The document sets out the requirements for residents (except for leasing companies) or non-residents (except for foreign banks) applying for export credits in 2021-2022, as well as for residents, applying for financing against cash cession (factoring) in export contracts.
Parties applying for an export credit shall submit to the bank the documents determined by the bank; and to the Ministry of Finance the justification for granting an export credit in the required amount with an indication of the repayment term.
The document says that an export credit application may be rejected if the Finance Ministry finds it impossible to compensate for export credit losses to the issuer bank; another ground for rejecting an export credit application the absence of export risk insurance.
As previously reported, the President of Belarus (ordinance #39 of February 4, 2021) authorized banks to issue export credits to resident companies for the production of goods, works and services and their subsequent implementation to non-residents in 2021-2022; and also to non-residents - to pay for goods, works and services sold by residents. The list of banks, according to the ordinance, is approved by the Council of Ministers. Earlier, only the Development Bank had this right. End