Sberbank of Russia to provide $800m to BelAZ and Mozyr Oil Refinery

          Sberbank of Russia and BPS-Sberbank signed memoranda of cooperation with BelAZ and Mozyr Oil Refinery. In line with the documents, BelAZ and Mozyr Oil Refinery will be granted about $800 million for development purposes. Chairman of the Board and Chief Executive Officer of Sberbank of Russia Herman Gref emphasized that investment cooperation between the bank and the country has been a success.
In January-August alone, the bank invested about $3 billion in Belarus.  The memorandum between Sberbank of Russia, BPS-Sberbank and OAO BelAZ – Management Company of BelAZ Holding Company defines framework terms to guide the signatories through the cooperation. The funds will be provided to finance daily operations and the investment program of BelAZ with the total limit of $300 million. The program will allow increasing the share of BelAZ products on the international market, thus the company will be better positioned to compete with the world’s biggest producers of heavy duty machinery, like mining dump trucks and super-heavy dump trucks, as well as other heavy transportation vehicles used in construction and mining. 
       In line with the memoranda, the cooperation will go beyond loan transactions and will extend to other projects that are of mutual interest for the parties.