President of Belarus Alexander Lukashenko signed a decree № 257 of June 20, 2011, thus approving $150 million loan agreement between Minsk and the International Bank for Reconstruction and Development. The loan is issued for the project "Improvement and modernization of the road (Minsk, Babruisk)." Funds are available for 15 years with a 5-year extension of debt repayment.
The project started in 2011 and will last 4 years. The decree also granted tax and customs benefits to the general contractor and subcontractors engaged in the project, AFN.
As Telegraf previously reported, Ministry of Transport signed an agreement to grant Belarus a $150 million loan on November 19, 2010.