Deputies Ratify Agreement with Nordic Investment Bank

24.11.2010 14:59

As reported in the House of Representatives, the Deputies adopted the draft law on ratification of the agreement with the Nordic Investment Bank on November 24. Deputy Economy Minister Dmitri Holuhov has stated that this agreement will enable Belarus to use the bank funds for investment projects.

Dmitri Holuhov explained that in accordance with the agreement of June 1, 2010, the parties have defined the principles for such cooperation, as well as confirmed the status of the Nordic Investment Bank, its agents and property.

According to Deputy Economy Minister, the Nordic Investment Bank is engaged in long-term financing for up to 20 years, focused on the draft environmental sphere and projects aimed at improving the competitiveness (eg. energy efficiency). The Bank is working closely with the World Bank and the European Bank for Reconstruction and Development, BelTA informs.

Ratification of the agreement provides Belarus with the possibility to get free resources in the form of grants of up to 25% of the investment projects cost. Dmitri Holuhov said that today Belarus has developed three investment projects, which the bank is willing to finance: projects for the reconstruction of treatment facilities in Brest, Vitsebsk and Hrodna. The Bank has assigned $6 million in the form of grants for the Belarusian project. According to him, the projects have already been agreed with the Foundation for Environmental Partnership and may be submitted for approval on December 3 after the ratification of the agreement.

Deputy Economy Minister has also informed that other projects of €100 million are being considered in accordance with the results of negotiations with the Ministry of Economy, Housing and Communal Services of Belarus. 11 wastewater facilities totaling €41.8 million of loan are among them.
At the same time, Dmitri Holuhov has stressed that the financing of projects of the Nordic Investment Bank in Belarus will be implemented only with the written consent of the Government of the Republic.