Belaruskali to get $300m loan from Azerbaijan

Belarus’ Government has provided guarantees to the Finance Ministry of Azerbaijan of repaying a $300-million loan envisaged for Belaruskali.

The relevant decision was approved by Resolution No 1001 of the Council of Ministers of Belarus of 27 July 2011. The text of the document is available at Belarus’ national legal internet portal.

The loan will be raised to implement investment projects and social and economic development programs in the country in 2011-2015. The guarantees of the Belarusian government also cover the payment of interests as well as other payments for the use of the loan.

In line with the resolution the Belarusian government issues guarantees after the loan agreement is signed between Belaruskali and Kapital Bank (Azerbaijan).

Belarus’ Priorbank has been chosen to be an agent bank.

Belneftekhim guarantees the intended use of the loan for Belaruskali, its timely repayment, payment of interests and other payments for the use of the loan.