Allocation of fourth tranche of EurAsEC loan to Belarus to be considered in Minsk

MINSK. December 7. KAZINFORM  The issue of the allocation to the Republic of Belarus of the fourth $440 million tranche of the loan allocated to stabilize the balance of payments will be examined at a meeting of the Board of the Eurasian Development Bank (EDB) and the EurAsEC Anticrisis Fund Council in Minsk on 7 December, Kazinform  has learnt from BelTA.
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The meeting of the EDB Board will also consider an investment loan for Belarusian Steel Works - management company of the Belarusian Metallurgical Holding Company, the EDB Office informed.

The events will be attended by the EDB senior officials and also the Finance Ministers of Russia and Belarus.

The Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 with a view to assisting the development of market economies of the participating states while facilitating their sustainable economic growth and expanding their mutual trade and economic ties. The EDB's authorized capital exceeds $1.5 billion. The participating states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.

On 4 June 2011 the Council of the EurAsEC Anticrisis Fund approved a $3 billion loan for Belarus in 2011-2013, together with a program of economic reforms. The loan is to be provided in six tranches. Belarus has already received three of the six tranche totaling $1.68 billion. This year or early next Belarus expects to receive the foruth tranche. An EurAsEC Anticrisis Fund evaluation mission was in Belarus on 15-19 October conducting consultations on the allocation of the fourth tranche of the loan worth $440 million.

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