community what is community

MINSK, 21 December (BelTA) – Belarusian MPs ratified the Belarusian-Russian agreement on Russia’s providing an export loan for Belarus’ nuclear station construction project on 21 December, BelTA has learned.

First Deputy Finance Minister Vladimir Amarin informed the parliament that the loan will be up to $10 billion. It will be provided for 25 years, with the option to postpone the repayment by ten years at most. The time allocated to paying out the main debt is 15 years. Interest rates have been set taking into account the cost of Russia’s attracting funding on external financial market. A flat rate for interest payments will be used for half of the loan and a floating rate for the other half.

In current conditions the average interest rate will be 3.92% per annum and will be changed taking into account the competition situation on foreign financial markets. No fees for issuing the loan will be levied. The state central budget will take care of paying out the loan and servicing the loan, said Vladimir Amarin. The loan will be used by installments till 2021. Therefore the debt will be accumulated during ten years along the construction of the nuclear station. It will allow Belarus to keep the foreign debt at an economically safe level despite the considerable volume of borrowed resources.

Source: forsecurity.org