Russia signs deal to grant Belarus $1.74bn import substitution loan

November 16, BPN. There are plans to implement 12 joint import substitution projects in Belarus, worth 105 billion Russian rubles (about $1.74 billion). The respective intergovernmental agreement was signed between the Belarusian and Russian finance ministries on November 16, the Belarusian government’s press office reported.

“At the moment both parties have already confirmed that they are ready for funding,” it said.

On October 6, Russian Deputy Prime Minister Aleksey Overchuk said all the necessary decisions had been taken to lend Belarus $1.5 billion for import substitution projects and development of relating production facilities.

The Belarusian government is planning to use the loan to re-equip 14 companies, Belarusian Prime Minister Raman Hałoŭčanka said following the talks with his Russian counterpart Mikhail Mishustin in Moscow on October 3.