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Sunday, April 5, 2020

Russia's Novikombank to issue loans with export through Belarusian development bank

Russia's Novikombank has signed a framework agreement with the Development Bank of the Republic of Belarus to issue loans for exports.

Under the agreement, Novikombank will finance the export of Belarusian goods and services to Russia, BelTA reports.

"The document sets forth the major terms of providing export loans and the general procedure of interaction between the banks," Albina Sychevskaya, a spokeswoman for the Development Bank of the Republic of Belarus, said, according to BelTA.

Sychevskaya also said the agreement provides for a number of different preferential terms.

The Development Bank of the Republic of Belarus was established by the Council of Ministers and the National Bank of the Republic of Belarus in June 2011 to spur economic development. It finances government projects and provides loans to Belarusian exporters, BelTA reports.

Novokimbank, established in 1993, specializes in corporate banking and the financing of Russian industry and research.