Belarus to tap into Vnesheconombank’s nuclear station loan in May

Belarus will be able to start using Vnesheconombank’s loan of up to $500 million allocated for the Belarusian nuclear power plant project as early as May 2014, the press service of OAO BelVEB Bank told BelTA.

The source said that the Finance Ministry, the Energy Ministry, the enterprise Belarusian Nuclear Power Plant, and BelVEB Bank had signed an agreement on the procedures for using and repaying the loan of up to $500 million that Russian Vnesheconombank has allocated to the Belarus government to finance the advance payments needed for implementing the project to build Belarus’ first nuclear power plant. The signing of the agreement will allow the Belarusian side to start using the borrowed money as early as May 2014, noted the BelVEB Bank press service.

BelTA reported earlier that acting on behalf of the Belarus government the Belarusian Finance Ministry, OAO BelVEB Bank, and Vnesheconombank signed the credit agreement in Minsk on 15 May. In line with the agreement Vnesheconombank will lend up to $500 million to the Belarus government for the sake of carrying out advance payments needed for the project to build Belarus’ first nuclear power plant as part of the export contract between the Russian company ZAO Atomstroyexport and the enterprise Belarusian Nuclear Power Plant. BelVEB Bank has been authorized to act as the settlement bank.

For building the nuclear power plant the Belarusian side has chosen the Russian nuclear station design AES-2006 of the latest 3+ generation that boasts improved technical and economic parameters.