Resolution of the Council of Ministers

from 09.01.2012

№ 25

Eximbank of China to lend $654m for Belarusian bleached pulp factory project

Belarus will borrow $654.16 million from the Export and Import Bank of China to build a factory to manufacture up to 400,000 tonnes of sulfated bleached pulp on the basis of the Svetlogorsk pulp and pasteboard factory. The plans have been laid down by Council of Ministers resolution No. 25 of 9 January 2012.

OAO ASB Belarusbank has been chosen to service the consumer loan. In line with the resolution this year the government is expected to provide guarantees the loan will be repaid.

The Finance Ministry has been instructed to transfer the loan to the Svetlogorsk pulp and pasteboard factory for financing the project. The Ministry will sign the agreement on using and repaying the loan by the company, the Belarusian forestry industry concern Bellesbumprom and Belarusbank. In 2012 some of the interest rate payments will be covered by the central state budget. Money will be apportioned in national budgets in 2013-2020 to cover some of the interest rate payments.

Bellesbumprom is expected to ensure the implementation of the project, the repayment of the loan and interest rate fees as well as other fees by transferring money starting from 1 January 2016 and ending with 1 January 2023 in the loan currency in line with the schedule approved by the Finance Ministry.​

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