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Belarusian Review


Belarus and China Signed $3.5 Billion Loan Agreement

Belarus and China have signed three loan agreements, eight commercial contracts and two framework agreements on the implementation of bilateral projects in energy, construction, industry, road and transport infrastructure for a total of $3.5 billion. The signing ceremony was held in Beijing during the visit of the Belarusian president to China on October 11.

Representatives of Belarus and China Exim Bank signed a framework agreement on the financing of priority investment projects and loan agreements for the creation of intellectual transport system of Minsk, the electrification of the railway in the Homel and Mahileu voblast, the supply of freight locomotives, BelTA informs.

In turn, the Belarusian Ministry of Economy and Chinese engineering SAMS Corporation signed an agreement to establish a joint industrial park in Belarus. The parties also agreed to implement a number of projects in industry and energy. Chinese investments provide for construction of sulphate bleached pulp plant based on Svetlogorsk Pulp and Board Plant with the capacity of 400 thousand tons per year, industrial housing and factories of soda ash, Biaroza CCGT plants of 400 MW and Lukoml power plant of 400 MW. Investment agreement with "Beijing Uni - Construction Group" provides construction of the hotel complex "Peking" with service objects in Minsk.

In addition, Chinese companies have to spend about $600 million for reconstruction of the airport complex Minsk National Airport. The parties plan to create a modern international passenger terminal, equip the airport with the security and alarm systems, build a second artificial runway to receive A-380 aircraft.

First Vice-Premier of Belarus Uladzimir Siamashka noted that these projects are of great importance to the economy of Belarus. "We hope that with their help we can catch up with China, which is developing with 11% GDP growth. Catch up on a different scale, but with a good rate of economic growth," he stressed.

According to the first deputy prime minister, these projects are profitable for both Belarus, and China. Deputy Prime Minister believes that they will allow Belarus to speed up the dynamics of development, China - to develop the European market and to prove its viability in the European continent. According to Syamashka, the foundation for development of 100 other projects with China to $15 billion is currently laid. The First Vice Prime Minister expressed hope that China Eximbank director would sign a number of important documents during his visit to Belarus in this November.

This article appeared in
Belarusian Review, Vol. 22, No. 4
Copyright 2010 Belarusian Review
All rights reserved.
Source: Office for Democratic Belarus, October 10, 2010

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