Belarus government grants guarantees for foreign loan to build two power substations

     The Belarus government has provided guarantees for the foreign loan as large as €38 million that will be used to build two power substations in Minsk, the press service of the Council of Ministers of Belarus told media.
      In line with Council of Ministers resolution the guarantees have been granted to the German bank Ausfuhrkredit-Gesellschaft for the sake of repaying the loan to be given to Belarusbank for the consequent financing of two investment projects by the Minsk city electrical company Minskenergo. The guarantees also cover interest rate payments and other fees involved.
     The Council of Ministers resolution has determined Belarusbank as the bank to service the guaranteed loan. The resolution stipulates the personal responsibility of the Director General of the national electrical company Belenergo and the Director General of the Minsk city electrical company Minskenergo for implementing the investment projects, for paying out the loan, interest rate payments and other fees.
The resolution was published on the national legal information website on 15 August and came into force on the publication date.