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Vnesheconombank and Belvnesheconombank Sign Agreement on the Procedure for Cooperating in Servicing the State Credit to Build a Nuclear Power Plant

1 february 2012 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and OJSC Belvnesheconombank signed an interbank agreement in Moscow as part of implementing the Agreement between the Government of the Russian Federation and the Government of the Republic of Belarus on Extending a State Export Credit to the Belorussian Government for the Construction of a Nuclear Power Plant on the territory of the Republic of Belarus dated November 25, 2011.

Under the intergovernmental agreement the credit is to be extended for a total amount of up to 10 billion US dollars for a period of 25 years to finance 90% of each agreement’s value between Russia’s CJSC Atomstroiexport and Belarus’ state institution the Directorate for the Nuclear Power Plant Construction. In connection to this, the credit resources are to be used as these agreements are signed.

Vnesheconombank as the agent bank for the Russian Government is to be responsible for conducting banking documentary transactions associated with paying accounts to be drawn up by Russia’s organization on account of the credit, keeping records of the Belarusian debt and making payments on the credit.

Belvnesheconombank as the agent bank for the Belarusian Government is to be responsible for conducting all banking transactions associated with obtaining, servicing and repaying the Russian state credit by the Belarusian side.

Moreover, Belvnesheconombank is planning to participate in lending to Belarusian companies involved in performing work and supplying materials for the construction of a nuclear power plant.

State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ is a key instrument for pursuing government economic policy. Vnesheconombank’s activity is aimed overcoming economic growth infrastructure restrictions, increasing natural resources utilization efficiency, developing high-technology industries, implementing projects in special economic zones, environmental protection projects, supporting small and medium-sized enterprises, providing support for agricultural and industrial exports and services, among other things, in order to diversify national exports. Electricity power engineering and projects in increased energy efficiency are among main priorities of Vnesheconombank’s investment activity.

Open Joint Stock Company Belvnesheconombank was registered by the National Bank of the republic of Belarus on December 12, 1991. About 600 legal entities and more than 43 thousand natural entities are the Bank’s shareholders. The stake of State Corporation /Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ (the Russian Federation) in OJSC Belvnesheconombank’s charter capital is 97.47%, with the stake of the Minsk City Territorial State Fund being 2.22%.

OJSC Belvnesheconombank is a universal credit and financial institution. With many years of experience and established reputation both in international and domestic money markets to its credit, Belvnesheconombank holds a leading position among commercial banks in the Republic of Belarus in international settlements, foreign exchange transactions and foreign trade financing of state agencies and businesses. About 600 legal entities and more than 43 thousand natural entities are the Bank’s shareholders.

 

Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

 
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