Belarusbank Signs an Agreement with the Export-Import Bank of China (Press release)

Official signing of a loan agreement between China Eximbank (Export-Import Bank of China) and Belarusbank took place on September 26 in Minsk. For the Belarusian side the document was signed by the Chairman of the Board of Belarusbank Sergei Pisarik, for the Chinese side – by the Vice-President of China Eximbank, Sun Ping.

Chinese guests highly appreciated the existing relationship between China Eximbank and Belarusbank and efficiency of implemented projects, and assured that cooperation will continue developing.

“Our partner – Belarusbank – has a very good reputation and responsibility,” said Sun Ping. “With the development of economic and trade relations, more and more Chinese companies come to Belarus to implement investment projects. By giving them support Belarusbank contributes to the development of cooperation between our countries.”

“We are working actively on attracting Chinese investments to the economy of the Republic of Belarus. Belarusbank acts as an agent bank for loans attracted by the Government. In recent years a number of projects for a total amount of USD 2,170 million have been implemented in this sphere,” underlined Sergei Pisarik. “Speaking about credit and investment cooperation, we cannot but admit the role of China Eximbank”.

According to the agreement signed today, the credit is granted in the framework of the investment project – the construction of a plant for the production of sulfate bleached and rayon pulp. Loan funds will be used to purchase equipment for prehydrolysis cooking for viscose staple fiber pulp from JSC “China CAMC Engineering Co., Ltd” (CAMCE).

Vice-President of China Eximbank, Sun Ping, assured that the loan will be granted as soon as possible. It will allow to finish constructing the pulp mill and put it into operation. The parties agreed that such projects give additional impetus to the development of bilateral relations between Belarus and China.

For reference: Belarusbank is the oldest and largest financial institution in the Republic of Belarus, it has been present in the Chinese market for 7 years. It maintains correspondent relations with 65 banks of China and has its own representative office in Beijing.

Belarusbank was the first Belarusian bank to introduce settlements in RMB. And if 3 years ago turnover on these accounts amounted to only RMB20 million, for the first 8 months of the current year it amounted to RMB217 million so far.

Belarusbank participates in the activities of regional financial organizations. In 2012 we became the partner bank in Interbank Association of the Shanghai Cooperation Organization (SCO IBA). This has enabled us to join the processes of financial integration in the region at a whole new level, to fully participate in economic programs initiated by China.

In 2008 Belarusbank and China Eximbank signed a cooperation agreement. Two projects totaling USD114.6 million have been successfully implemented since then. The banks have experience of cooperation within the framework of the syndicated lending.

Press Service of Belarusbank

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