Interministerial Committee of Germany set a new country limit for Belarus on August 20, 2009

On August 20, 2009 the Interministerial Committee of Germany made a decision to set a new country limit for Belarus for EUR 100 million for the year 2009. The decision on the third time increase of country limit for the year 2009 is unprecedented in the history of cooperation between Germany and Belarus, and it was made due to the excellent payment discipline of Belarus side. The Interministerial Committee made such decision to meet the requirements of German exporters in insurance coverage, while considering number of factors among which is financial soundness of Belarusian banks.

Over the last years Hermes-covered German exports changed its direction from agricultural sector to machines production and construction. The largest projects include financing of equipment purchase for production of wood-shaving and fiber panels.

The previous country limit for Belarus which was set on May 28, 2009 for EUR 100 million was completely utilized due to constantly high demand for export credit guarantees for Belarus.

The large-scale renewal of the country limit will enable Belarusian banks to attract long-term credit resources of German banks on attractive terms with the aim of financing trade between Belarus and Germany.

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