Eurasian Development Bank (EDB) allocates Belinvestbank credit of $20 million for two years to finance export-import trade customers of Belarusian bank. EDB signed the framework agreement to allocate revolving credit facility to Belinvestbank on April 25.
Credits are to be allocated according to the individual contracts on individual tranches for a period of 3 to 12 months.
According to EDB, the agreement aims to expand external Belinvestbank funding of its customers engaged in international trade, as well as to assist the expansion of mutual trade between the EDB member states and contribute to the deepening of integration processes between them. It is planned that 80% of the allocated funds will finance the expansion of mutual trade between Belarus and other EDB member states.
«We consider trade financing as an effective tool for the development of mutual trade as well as a means of expanding EDB product line. Financing of export import transactions has a positive impact on the development of corporate and partnership among stakeholders of the member states of the bank, which in turn creates the preconditions for the establishment of joint ventures,», said Dmitry Krasilnikov, the managing director of corporate finance EDB.
This EDB and Belinvestbank project is implemented within the EDB program adopted in May 2010 to promote trade finance and expand mutual trade between the member states. Program participants are now BPS-Bank and Belgazprombank in Belarus, as well as the Loco-Bank, Ak Bars and Bank Saint Petersburg in Russia.
As Telegraf informed, Belarus applied to Eurasian Development Bank for a credit to equalize the balance of payments of the country. As the deputy head of the EDB Sergei Shatalov said, the fund was ready to accept the application of Minsk on the condition that the country’s leadership to implement some reforms.
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