On 11 August 2020, the first drawdown totaling to about EUR 90 mln was made, within the framework of the current Interbank Loan Agreement concluded between Belarusbank and UBS Switzerland AG, the largest Swiss Bank.
The funds to the tune of EUR 15 mln are intended, among other things, to pay for the first batch of rough train bodies, the final assembly of which will be implemented at the premises of Stadler Minsk.
The enterprise has already started production of ten five-car FLIRT trains for the Belarusian Railway. The launch of the first new electric train within inter-regional Railway lines is scheduled for July 2021.
Under the conditions of coronavirus containment measures, Belarusbank and UBS Switzerland AG made best efforts for deal structuring and laid a strong financial foundation for ensuring that the counterparties fulfilled the terms of the contract within the specified period.
The uniqueness of this deal providing for settlements in BYN between two residents of the Republic of Belarus, had an effect on the structuring of settlement and drawdown mechanisms under the Interbank Loan Agreement concluded on 20 July.
The Swiss Bank provides credit resources under the insurance coverage of the Swiss Export Risk Insurance (SERV).
For reference: Stadler Minsk is an enterprise of the Stadler Corporate Group (Switzerland) and a resident of the free economic zone "Minsk". The Stadler Plant is located in Fanipol town. It takes advantage of the most advanced technologies for the production of single and double-deck, electric and diesel-electric trains, tramways and metro. The Plant manufactures and supplies railway products to the CIS, Europe and Latin America countries.