State-run companies to benefit from half a billion dollars in Moscow’s aid

July 25, BPN. Minsk will channel half a billion dollars worth of Russian loans to state-run companies to boost import substitution and re-equipment, Minsk-Novosti has reported, quoting the Ministry of Industry.

“We coordinated 17 promising import-substitution and investment projects with Russia as of July 24,” the ministry said. “An industrial policy commission approved funding for 13. Banks have signed loan agreements for 12 projects worth 53.8 billion Russian rubles [some $595 million at the current exchange rate].”

Last year, Moscow approved a $1.5 billion loan for Belarus to implement import-substitution projects. The loan agreement was signed in November. It is expected to help both countries cope with economic sanctions imposed by the West.