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Belarus plans to float loan issue of up to $404.5 million in Russia in 2008, Finance Minister Korbut says

Belarus plans to float a loan issue of up to 10 billion Russian rubles ($404.5 million) in the Russian market in 2008, Belarusian Finance Minister Mikalay Korbut told reporters in Moscow on December 20, according to the RIA Novosti news agency.

“This will be done in tranches, not in a one-time placement,” Mr. Korbut said after the signing of an interstate agreement for Belarus to receive Russia’s $1.5-billion stabilization loan.

Russia has already received an application to register Belarus’ loan, said Russian Finance Minister Aleksei Kudrin. Floating it in the Russian market will be one of the next steps, he added.

As a way of developing its cooperation with Belarus, Russia is “doing work” to invest in Belarus’ key enterprises, Mr. Kudrin said. This issue was discussed during talks that Belarusian and Russian top-ranking officials held in Minsk last week, he noted.

Belarus’ commitment to create favorable conditions for foreign investors has enhanced its credit standing, the Russian minister said. //BelaPAN