Supporting key economic sectors: Belarusbank, REC sign cooperation agreement

Belarusbank and Russian Export Center (REC) have signed a framework cooperation agreement. The document was signed by Chairman of the Board of Belarusbank Viktar Ananich and REC CEO Andrey Slepnev in the headquarters of the Belarusian bank in Minsk.

The agreement stipulates joint implementation of prioritized projects in the Republic of Belarus with the participation of Russian companies. Russian Export Center Group is prepared to provide financial and insurance support to promising projects.

REC Group is already working on a number of important projects in Belarus together with Belarusbank. One of those is a large-scale power engineering project that stipulates the upgrading of Minsk’s Heat Power Plant No.3. The project is supported by Export Insurance Agency of Russia (EXIAR) and Eximbank of Russia (REC Group). In addition, the parties are elaborating a number of promising projects in the spheres of pharmaceuticals, medical industry and automobile component parts.

spheres of economy

“Belarusbank and REC Group have successfully collaborated on a number of projects to the total tune of more than $110 million”, Viktar Ananich said. In his words, the framework agreement is a landmark event that is expected to improve mutual cooperation with regard to financing of Belarus-Russia projects in the spheres of power generation, transport and machine-building.

mutual cooperation

“We are progressively expanding the volume of supported export to the Republic of Belarus. In 2016 export volume amounted to more than $500 million, and in 2017 it exceeded the sum of $1 billion. In 2018 the growth continued to the result of $1.3 billion. The agreement that we signed today will open a new phase of our cooperation. It is important to expand cooperation in the spheres of technical upgrading, modernization and creation of new enterprises, formation of manufacturing infrastructure in Belarus, support and expansion of exports of Russian small and medium enterprises”, REC CEO Andrey Slepnev said following the signing ceremony.

export to Belarus

The agreement will contribute to the development and improvement of technological and market positions of companies of the two countries and formation of consistent long-term impetuses for the enhancement of their competitive performance in international markets.

The document is expected to ensure effective exchange in information, identification and implementation of joint projects.

business support

In the framework of the agreement the parties are going to conduct consultations, forums and presentations and undertake other actions aimed at improving the availability of financial support instruments for Belarusian businesses.  

Communications Department

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