Belvnesheconombank (BelVEB) and Belarusian Autoworks (BelAZ) have reached a credit agreement that will allow for nearly $15 million in fund equipment purchases, they announced on Monday.

The Russian bank will allow the Belarus automaker to seek loans to update equipment, so long as the purchases are made from Russian manufacturers. These loans may also be used in the company's daily operations.

BelAZ is one of the leading manufacturers of large vehicles used in construction, demolition, mining and civil engineering. It was founded in 1948 and in 2010 was restructured as a public, joint-stock company.

BelVEB, a registered bank in Belarus since 1991, offers a variety of banking and finance services. The bank has played an important role in the implementation of Belarusian–Russian projects, including financing approximately $569 million in projects in 2014.