Belarus counts on $500 mln Chinese loan

Belarus may receive another loan from the China Development Bank by the end of 2019, Belarus Finance Minister Maksim Yermalovich said on Thursday.

“A memorandum of raising a 3.5 billion yuan loan (over $500 mln) has already been signed. Now we are working on the borrowing terms,” state-run news agency BelTA quotes the minister.

In April, Belarusian envoy Kiryl Rudy and China Development Bank Chairman Zhao Huan signed an agreement on granting a $100 mln loan to our country.

China provides our country with tied loans which were allocated to the modernization of some industries, road construction, etc.

“Extending them, our Chinese partners insisted that Belarus buy their equipment, hire their workers, work together on developing projects. We paid for all the things as well as the loan interest. But Chinese investment is very small, it is far less than that of Poland. Therefore, we cannot say that China has implemented lot of projects in Belarus,” he said.

belsat.eu