Lukashenka offered the banks to loosen their purse strings :: Charter'97 :: News

Belarusian banks are offered to grant Br 680 billion loans both in Belarusian rubles and in foreign currency for construction and reconstruction and technical re-equipment and maintenance of objects of the agricultural productive complex. The offer is contained in the President’s Order # 313 of 9 July 2007.

According to the document, the terms and conditions of loan agreements presume charging the interest amounting to the National Bank’s interest rate of the plus 3% margin for the loans in Belarusian rubles and 12 % annual rate for the loans in foreign currency. The loans in foreign currency are to be granted for acquisition of equipment for designated purposes, the BelaPAN reported.

The banks granting the loans are provided with the guarantees of the government as well as of municipal and regulatory bodies.

The Council of Ministers is instructed to provide for the resources for paying the interests on the loans when drafting the normative legal act on particularization of directions of application of resources of the Republican fund for rendering support to agricultural producers for 2007.Moreover, when drafting the budgets for 2008-2013 to provide for resources in the republican budget including the fund for rendering support to agricultural producers for paying the interest on the loans

The State Control committee is responsible for the Order implementation monitoring.
4 credit financial organizations among those are Belagroprombank (Br 50 billion), Belinvestbank (Br 200 billion), Belarusbank (Br400 billion) and Belpromstroibank (Br 30 billion).Over the lending period the resources may be transferred to the Belagroprombank if required.