An agreement was signed on 20 December 2005 to make a syndicated loan to the Republic of Belarus.
This loan facility is the first foreign borrowing of the Belarus Government. The funds raised are intended to finance the republican budget.
The deal drew investors` keen interest and the loan amount increased more than twofold against the initial offer, from US$15 million to US$32 million. The facility is extendable and matures after 364 days. The applicable interest rate is LIBOR + 4.25% p.a.
Besides the arrangers, eight more financial institutions from Russia, Austria, Belarus, United Kingdom, Kazakhstan, Cyprus, Latvia and Taiwan took part in the syndication.