A memorandum of understanding signed on Friday solidifies an agreement between the governments of China and Belarus regarding $1 billion in Chinese loans to Belarus.
First Deputy Finance Minister of Belarus Vladimir Amarin and Vice President of the China Development Bank Li Jiping signed the memorandum of understanding. Officials at the countries’ banks – Vladimir Dragun, of the Development Bank of Belarus, and Li Jiping – also signed the agreement.
This memorandum solidifies allocation of monies for a period of 15 years, including a five year grace period. The guarantee for these loans comes from the Belarusian government and borrowers include the Development Bank of Belarus, ASB Belarusbank and the heads of the country’s banking, credit and finance system.
The agreements lay out the goals of cooperation between the banking institutions and state governments to fund projects taken on by both countries and implemented in Belarus. Cooperative efforts regarding information are also part of the memorandum. The funding is expected to be invested in transport, energy, industry, small and medium-sized businesses.
"We hope that the concluded agreements will allow implementing the most ambitious projects of our clients from both Chinese and Belarusian sides,” Vladimir Dragun said.