International edition Trade Finance named the project for financing the contract between Belarusian Railway and Stadler Bussnang AG (Switzerland) the Deal of the Year 2010 in Belarus.
The financing agreement between Zurcher Kantonalbank (ZKB) - the largest state-owned bank in Switzerland - and Belarusbank of the total amount €61 million ($85 million) to finance the delivery of passenger trains to Belarus is a landmark transaction in the development of trade between Western and Eastern Europe and it is certainly one of the largest export credit agency SERV (Switzerland) backed deals that has ever taken place with Belarus. It should be emphasized that the credit facility of ZKB was provided without the Guarantee of the Government of the Republic of Belarus under the insurance cover of Swiss Export Risk Insurance (SERV).
The financing relates to a commercial contract signed between Swiss company Stadler Bussnang and Belarusian Railway to deliver 10 Flirt electric trains. For Stadler it was the company's first contract with a company from a country of Commonwealth of Independent States.
Belarusbank and ZKB noted that the deal was transacted in a short period of time and this was made easier by the perfect credit history of Belarusbank and the well-coordinated actions of all the parties involved: ZKB, Belarusbank, Stadler Bussnang, Belarusian Railway and SERV.