Bilateral agreement becomes good debut

Bank of Development to gain French loan to purchase tunnel-boring machinery for construction of Minsk metro

By Galina Grishkovets

Bank of Development to gain French loan to purchase tunnel-boring machinery for construction of Minsk metro


An individual loan agreement between the Development Bank of the Republic of Belarus and the Paris Office of Commerzbank Aktiengesellschaft has recently been signed, in the French capital. A 9.86m Euro credit line is being opened for the Development Bank, with insurance coverage from French credit insurer COFACE. The loan will be used to finance the acquisition of tunnel-boring machinery.

Tunnel-boring machinery soon to be purchased for Minsk metro construction
Tunnel-boring machinery soon to be purchased for Minsk metro construction

The Finance Ministry of France has looked favourably on the project following joint fruitful work from such stakeholders as the above-mentioned banks, COFACE and the Embassy of Belarus in France.

During talks at the French Finance Ministry, the Chairman of the Board of the Development Bank, Sergei Rumas, noted that the agreement breaks new ground for the Belarusian banking system and may inspire further successful bilateral relations.

A presentation of Belarus is now to be organised under the auspices of the French Ubifrance Agency for Export Promotion.

A delegation from the Development Bank also met representatives of VTB France SA, discussing potential co-operation: including the financing of export transactions, the provision of bank guarantees and the acceptance of letters of credit to the benefit of Belarusian exporters.
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