Belarus officials announced on Friday that the government will be holding discussions with three Russian banks regarding the disbursement of loans relating to the country's exports in Russia.
The Economy and Industry Ministries have been tasked with the negotiation and implementation of documents and policy relating to the agreement. Ak BARS Bank, Bank VTB 24 and the Moscow Industrial Bank would be the institutions to manage the loan agreements. Reports indicate that a credit agreement may be signed with Sberbank of Russia, as well.
Framework for this and other similar agreements was put forward by Decree No. 466 in 2009, which set up the mechanisms of crediting exports in order to increase competitiveness. According to the announcement, as a result of export promotion, the economy has benefitted with increased exports, fully utilized capital and full capacity utilization.
The Belarus Ministry of Foreign Affairs states that Russia is the most prominent of the country's trading partners.