In debt

Belarus will take another related credit of $348 million.

Some $296.3 million and CNY328.6 million will be invested in the technical upgrade project of Dobrush Paper Factory Geroy Truda affiliated with the Management Company of the Belorusskie Oboi Holding Company, the press service of the Belarusian government told BelTA commenting on Council of Ministers’ Resolution No. 656 of 17 July 2012 “Concerning implementation of credit agreements with China’s State Development Bank.

In line with the Resolution, BPS-Sberbank will act as the agent bank. China’s credit in US dollars and yuans is provided as part of the credit agreements between China’s State Development Bank and the Government of Belarus as of 27 April 2012. The money will be used to carry out technical retooling and start producing uncoated and coated cardboard at Dobrush Paper Factory Geroy Truda.

Bellesbumprom Concern stands as a guarantor of loan payment by the Management Company of the Belorusskie Oboi Holding Company. The debt repayment will be done from 1 January 2016 till 31 December 2025.