Minsk, June 6, 2017. - The Eurasian Development Bank (EDB) and Belarusbank made an agreement on financing foreign trade transactions of Belarusbank clients in the EDB member states. The relevant document was signed by EDB Managing Director for Assets and Liabilities Dmitry Ladikov-Royev and Belarusbank Executive Director Viktor Perepelitsa.
According to the agreement, the EDB will grant a $40 million facility for five years. Financing under the facility may be provided for a period of 3 to 12 months in US dollars, euros, Kazakhstan tenge, and Russian rubles. The whole amount will be utilized to finance export and import transactions between the EDB member states.
“This agreement will help develop trade and economic cooperation between the EDB member states. We, as Belarus major bank, have powerful capabilities to finance business. The agreement with the EDB will uncover new opportunities for our corporate clients to mutually trade with entities of the EDB member states, benefit the dialogue between the partners from these states, and propel integration,” emphasized Belarusbank’s Executive Director Viktor Perepelitsa.
“All trade finance lending resources will be used to support export and import transactions aimed at expanding mutual trade between the EDB member states. A particular role of trade financing as an efficient integration tool, a short-term but powerful driver of mutual trade must be noted,” mentioned the EDB Managing Director Dmitry Ladikov-Royev.
For reference
The Eurasian Development Bank (EDB) is an international financial institution established by Russia and Kazakhstan in January of 2006 with the aim of promoting market economy of its member states, their sustainable economic growth, and expanding mutual trade and economic relations. The EDB authorized capital equals $7 billion. Its member states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.