EDB to provide $10m loan to Belgazprombank

       Eurasian Development Bank (EDB) will provide a $10 million loan to Belgazprombank (Belarus) to finance its clients’ projects, BelTA quotes the EDB press center.
The targeted loan facility will be provided for five years. The funds will be used to develop the agricultural industry in Belarus. 20% of finance will be used to purchase agricultural machinery produced in EDB member states.
      This transaction with Belgazprombank is EDB’s first project within the framework of its Agricultural Industry Development Program approved in 2013. EDB has been cooperating with Belgazprombank since 2011 when the two banks signed a $40 million framework agreement, under which EDB provides loans to its Belarusian financial partner for trade finance. Under that agreement Belgazprombank financed over 160 foreign trade contracts of its clients in the light and food industry, mechanical engineering, chemistry, metallurgy, the power sector, and the construction materials sector.