VTB Bank might join Belarus’ export support scheme

        Russia’s VTB Bank might be involved in subsidized lending schemes aimed at promoting Belarus’ machinery export to Russia, Finance Minister of Belarus Andrei Kharkovets told a session of the Finance Ministry.
       The export support schemes have already been finalized, the minister said. “For example, one of the schemes provides for reimbursement of interest payment to Sberbank of Russia. This scheme will ensure stable profits for our exporters, fast turnover of funds and no default risk,” he noted.
“The same scheme might be used in Kazakhstan. However, instead of a nonresident bank, the scheme will involve a leasing company,” Andrei Kharkovets said. 
       “We have optimal terms of resource allocation. They allow getting loans to execute export contracts with the interest rate under 2% per annum. Our objective is to streamline interaction between all the participants of the scheme, including companies, ministries, banks and insurance companies. The Finance Ministry will develop a draft resolution aiming to reduce the loan processing time from today’s 1.5 months to 16 days and loan paperwork down to five days,” the Finance Minister said.