Marko Footwear Group to get interest repayment on bank credits partially compensated
<p> MINSK, Mar 30 – PrimePress. Vitebsk-based Marko of Belarus’ Marko Footwear Group will get interest payments on the credits previously drawn from Belinvestbank and Belagroprombank partially compensated from the statement budget, in accordance with government resolution #175 of Mar 27, 2021. </p> <p> </p> <p> The credits were provided in 2015-2017 in the amount of Br200 billion for a seven-year period at 3% per annum with a two-year grace period to assist Marko in implementing an upgrade project in 2013-2024. </p> <p> </p> <p> The money was supposed to support production upgrade so that companies controlled by Marko could increase shoe output to 5 million pairs a year. </p> <p> </p> <p> The government earlier pledged to cover Marko’s interest payments on a Belinvestbank credit provided in 2015 and 14 credits provided by Belagroprombank in 2016-2017. </p> <p> </p> <p> The government guaranteed partial repayment of interest payments in the amount of effective interest rate reduced by 2 percentage points, in accordance with resolution #144 of Mar 5, 2019. </p> <p> </p> <p> Controlled by Vitebsk-based Marko footwear company, Marko Leather Footwear Group embraces San Marko, OAO Krasny Oktyabr, OOO Marko Service, Vitma, Vitebsk Fur Factory. End </p>
2021-03-31
Primepress
Marko Footwear Group to get interest repayment on bank credits partially compensated
MINSK, Mar 30 – PrimePress. Vitebsk-based Marko of Belarus’ Marko Footwear Group will get interest payments on the credits previously drawn from Belinvestbank and Belagroprombank partially compensated from the statement budget, in accordance with government resolution #175 of Mar 27, 2021.
The credits were provided in 2015-2017 in the amount of Br200 billion for a seven-year period at 3% per annum with a two-year grace period to assist Marko in implementing an upgrade project in 2013-2024.
The money was supposed to support production upgrade so that companies controlled by Marko could increase shoe output to 5 million pairs a year.
The government earlier pledged to cover Marko’s interest payments on a Belinvestbank credit provided in 2015 and 14 credits provided by Belagroprombank in 2016-2017.
The government guaranteed partial repayment of interest payments in the amount of effective interest rate reduced by 2 percentage points, in accordance with resolution #144 of Mar 5, 2019.
Controlled by Vitebsk-based Marko footwear company, Marko Leather Footwear Group embraces San Marko, OAO Krasny Oktyabr, OOO Marko Service, Vitma, Vitebsk Fur Factory. End