Deputy prime minister hopes Russia will sign $1.5bn loan deal in September

August 23, BPN. An agreement for a $1.5-billion Russian loan to support Belarus’ import substitution projects is expected to be signed in early fall, Deputy Prime Minister Mikałaj Snapkoŭ said on August 23 at the opening of a Belarusian pavilion at the VDNKh, a Soviet-era exhibition complex in Moscow featuring cultural and recreational facilities. Asked about the timeframe for the signing, the high-standing official said, as quoted by TASS: “In early September, we hope.”

Meeting the governor of Russia’s Kursk region, Raman Staravojt, in Minsk on June 9, Alaksandr Łukašenka said Russia will allocate about $1.5bn for import substitution programs in Belarus. Initially, it officials discussed 15 projects involving the products that were in demand both domestically and in Russia. The two countries later agreed that part of the funds will be used to set up production facilities for a range of goods to be sold in third countries.

After a meeting with Łukašenka on August 22, newly appointed Deputy Prime Minister Piotr Parchomčyk said the number of import substitution projects had increased to 20.