According to Presidential decree of the Republic of Belarus “On some measures to promote goods made in the Republic of Belarus” No.466 dd 24.09.2009, the Government of the Republic of Belarus performs subsidizing of interest rates on loans/leasing agreements provided by foreign banks (concluded by leasing companies) for purchase of goods produced in Belarus, and compensations for post financing of letters of credit provided by foreign banks.
Resolution of the Council of Ministers of the Republic of Belarus No.72 dd 04.02.2015 “On measures to promote goods made in the Republic of Belarus” established a procedure for cooperation in case part of interest on the loans, compensations for post financing of letters of credit are repaid to foreign banks and part of lease payments are repaid to leasing companies – non-residents of the Republic of Belarus.
Advantages of lending under the program for purchasing technical devices produced in Belarus:
- payment of a part of interest on the loan by the Government of the Republic of Belarus in an amount up to 2/3 of the refinancing rate as of the loan agreement date;
- financing with different types of security, including against security of acquired technical devices;
- reliable suppliers of technical devices and equipment.
Belarusbank is an authorized agent bank for working with foreign banks and non-resident leasing companies.
Foreign banks, foreign leasing companies entitled for a compensation, and Belarusian manufacturers that produce technical devices falling within the scope of the subsidy program are listed in Resolution No.72.
Compensation amount
within the Financing Program
according to Presidential Decree of the Republic of Belarus No.466
in case of compensation of interest (with the exception of interest on loans utilized by borrowers and banks from third countries)
2/3 of the refinancing rate in force in the state were goods produced in the Republic of Belarus are acquired as of the date specified in concluded agreements
in case of compensation of interest on loans utilized by borrowers and banks from third countries, compensations for post financing of letters of credit:
in US dollars - the commercially oriented interest rate (CIRRs) in accordance with the Officially Supported Export Credits Agreement developed by the member countries of the Organization for Economic Cooperation and Development (hereinafter referred to as the CIRRs rate), applicable to transactions with a maturity of up to 5 years, effective on the date, defined in the concluded contracts, increased by 2 percentage points (with a negative value, the CIRRs rate is taken as zero), but not more than 4 percent per annum;
in euro - the EURIBOR rate on 12-month interbank deposits in euros, effective on the date specified in the concluded agreements, increased by 3 percentage points (with a negative EURIBOR value, it is taken as zero), but not more than 3 percent per annum;
in Russian rubles - 2/3 of the key rate of the Central Bank of the Russian Federation, effective on the date specified in the agreements being concluded.
in case of compensation of lease payments (except for lease payments under finance lease (leasing) agreements made with leaseholders from third countries)
part of the investment of the leasing company – non-resident of the Republic of Belarus calculated based on 2/3 of the refinancing rate in force in the state were goods produced in the Republic of Belarus are submitted to the leaseholder as of the date specified in concluded agreements;
in case of compensation of lease payments under finance lease (leasing) agreements made with leaseholders from third countries:
in US dollars - a part of the investment of a leasing company - a non-resident of the Republic of Belarus, calculated on the basis of the CIRRs rate applicable to transactions with a maturity of up to 5 years, effective on the date specified in the contracts concluded, increased by 2 percentage points (with a negative value, the CIRRs rate is taken as zero ), but not more than 4 percent per annum;
in euro - a part of the investment of a leasing company - a non-resident of the Republic of Belarus, calculated on the basis of the EURIBOR rate for 12-month interbank deposits in euro, effective on the date specified in the agreements concluded, increased by 3 percentage points (with a negative value, EURIBOR is taken as zero), but not more than 3 percent per annum;
in Russian rubles - a part of the investment of a leasing company - a non-resident of the Republic of Belarus, calculated on the basis of 2/3 of the key rate of the Central Bank of the Russian Federation, effective on the date specified in the agreements being concluded.
The financing model and payment mechanism are illustrated below:
CONTACTS
Regarding the implementation of Decree №466:
Ministry of Industry Republic of Belarus
Tel.: +375 (17) 330 05 94, 223 72 27
International Business Department
Tel.: +375 (17) 309 00 89, 309 07 12
Fax: +375 (17) 200 88 50, 200 37 82