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Agreement reached for Sberbank to provide $1-billion loan to Belarus, Russian ambassador says

 

An agreement has been reached for Sberbank of Russia to provide a $1-billion loan to Belarus, Russian Ambassador Aleksandr Surikov told reporters in Minsk on Wednesday.

Mr. Surikov stressed that this would not be a syndicated loan of Sberbank and Deutsche Bank but a loan given by Sberbank alone.

Talks are currently under way on the terms and conditions for the loan, he said.

Belarusian Deputy Prime Minister Syarhey Rumas said on September 21 that the government was planning to obtain a $1-billion loan from Sberbank, providing stock in the oil refinery in Navapolatsk as security.

According to Mr. Rumas, an agreement was initially reached with Sberbank whereby a stake in potash giant AAT Belaruskali would be provided as security, but the government later changed its mind and decided that other assets should be used as collateral. A 51-percent stake in the refinery may be posted as security, he said. //BelaPAN