China to allocate more than $7bn in loans to Belarus

China will allocate more than $7 billion in loans to Belarus, Belarus' Economy Minister Vladimir Zinovsky said at the Belarusian-Chinese Interregional Business Forum.

“China gives us two very big loans: $3 billion in concessional lending and $4 billion as a commercial loan for our banks to finance business projects,” the minister said. In addition, he noted, on 10 May the Chinese leader announced that China will give Belarus a grant - technical assistance in the amount of RMB800 million for three years. Technical assistance will be used to finance social projects, including the construction of housing, development of infrastructure, projects of small and medium-sized business.

Attending the Belarusian-Chinese interregional forum are representatives of 164 Chinese companies. "This shows that there is tremendous interest in the cooperation, which will propel our economic relationship forward," the Economy Minister said. According to him, during the state visit the Chinese delegation is set to sign more than 50 agreements.

On 11 May Minsk is hosting the Belarusian-Chinese Interregional Business Forum. It has been organized by the Ministry of Commerce of China, the Economy Ministry of Belarus and the Belarusian Chamber of Commerce and Industry. Around 450 people have arrived for the forum. The plenary meeting, New Platforms, New Opportunities, will include a presentation of the Chinese-Belarusian Industrial Park Great Stone project, speeches of the authorities of the Chinese cities and provinces, Belarusian regions.

Following the plenary meeting the parties are set to sign more than 20 agreements.