Russia’s VTB Bank and the government of the Republic of Belarus have signed a cooperation agreement aimed at expanding trade and economic cooperation. The agreement on the terms of VTB loans to finance the purchase of goods produced in Belarus was signed by VTB President and Chairman of the Management Board Andrey Kostin and Belarusian Finance Minister Andrey Kharkovets.
Belarus agreed to partially compensate the interest on VTB loans issued to Russian companies to purchase goods produced in Belarus and to refinance the cost of purchasing these goods intended for further leasing.
The compensation is set at the Bank of Russia’s discount rate effective as of the loan issue date. Russian companies will be entitled to loans equal to 85% of the cost of goods they purchase or non-revolving credit lines for up to five years.
«VTB’s cooperation with Belarus is aimed at supporting Belarusian exports to Russia, including vehicles and industrial equipment. This will without doubt promote trade turnover between Russia and Belarus, and as a result further the development of the economies of both countries.».
President and Chairman of the Management Board
In the future, VTB plans to extend the successful experience of cooperation with the government of Belarus to other CIS countries where VTB Group has a presence, in particular to Ukraine and Kazakhstan.