The Eurasian Development Bank announced on Tuesday that it provided a line of credit for the construction of the new Renaissance hotel in Minsk.

EDB and Mospromstroy Hotels, a subsidiary of Mospromstroy, signed a $47 million loan agreement in November 2012 to build the hotel. The 264-room hotel is meant to accommodate visitors to Belarus and host exhibitions, conferences and other events in its business center.

The project is expected to bring the Belarusian economy approximately $22.8 million annually while annual tax proceeds from its operation may exceed $3 million.

"Minsk is in acute need of quality hotels and offices," Gennady Zhuzhlev, the deputy chairman of the EDB management board, said. "This project will contribute to the advancement of the tourist infrastructure, which, in turn, will foster the development of other sectors. This project is of social importance as a source of employment; it will create 315 jobs in the hotel itself and more than 540 jobs in related sectors."

Zhuzhlev said the project will also result in the formation of an integrated trans-border group that will develop a hotel network in EDB member states.