Russia’s Vnesheconombank starts transferring Belarusian nuclear station loan

Belarus received $16.3 million on 9 June as part of the credit agreement between the Belarus government, Russia’s Vnesheconombank and Belvnesheconombank, representatives of the Belarusian Finance Ministry told BelTA.

In line with the credit agreement on financing the construction of the Belarusian nuclear power plant the Russian bank is to open an eight-year credit line as large as $500 million for covering the Belarusian part of the expenses involved in the project. The terms of the loan are optimal for both sides. The interest rates correspond to those on the global market. They are based on interest rates available in Vnesheconombank’s loans and on Belarus’ credit rating.

The credit agreement was signed on 15 May. The credit line will reduce foreign currency outflow from Belarus and will also help keep up the country’s forex market stable. Since the construction of the Belarusian nuclear power plant began, as much as $166 million of public funds has been spent on the project.

The implementation of the project will allow advancing Belarus’ cooperation with Vnesheconombank’s group to a brand new level.

The state corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank, Russia) and OAO BelVEB Bank are the banks in charge of servicing the Russian state export loan allocated for building the Belarusian nuclear power plant.

The Belarusian nuclear power plant will boast two power-generating units with the total generating capacity of up to 2,400MW (1,200MW each). The Russian design AES-2006 has been chosen to build the power plant. The design is fully compliant with international standards and IAEA recommendations. The Russian merged company OAO NIAEP – ZAO Atomstroyexport (ASE) is the general designer and the general contractor for building the power plant.