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VEB, BelVEB, Development Bank of Belarus to advance Belarus-Russia exports to third countries

MINSK, 30 July (BelTA) – Russia’s Vnesheconombank, Bank BelVEB and the Development Bank of Belarus intent to advance Belarusian-Russian exports to the markets of third countries, BelTA has learnt.

On 29 July Vnesheconombank, Bank BelVEB and the Development Bank of Belarus signed a memorandum of cooperation. The parties plan to partake in the financing of transactions within the Russian-Belarusian integration, investment, trade and economic projects. In particular, they will provide export financing of high-technology industrial products from Russia to Belarus. The next step will be the implementation of projects aimed at the advancement of joint products of Russian and Belarusian producers to the markets of third countries, including through the export risk insurance mechanism with the help of Russia EXIAR and Beleximgarant.

Commenting on the signed memorandum, Chairman of the Board of the Development Bank of Belarus Sergei Rumas noted: “I hope that the legal field that has been created today for the implementation of joint projects will promote the financing of joint exports to third countries.”

“The Government of Belarus sets forth a goal for big national companies to develop new markets. It pertains to the market of Southeast Asia, Africa, Latin America. Vnesheconombank has already launched export support to Belarusian companies,” he noted. The parties, together with product suppliers, will consider concrete transactions and organize financing for companies, Sergei Rumas said.

Deputy Chairman of Vnesheconombank, member of the Board Alexander Ivanov reminded the media that VEB and Bank BelVEB signed a framework agreement on financing Russian export on 29 July. “As for joint projects, we have two projects in petrochemistry and transport engineering under consideration. I am talking about millions of US dollars here,” he noted.

According to EXIAR Director General Piotr Fradkov, the agency has already been implementing joint projects with Belarusian companies concerning Belarusian supplies abroad. Thus, in cooperation with Beleximgarant, the Russian agency supported exports supplies of MAZ and MTZ. “However, the emphasis and priority in our work will be on the joint export potential in what concerns supplies to third countries, including CIS and Eastern Europe,” he stressed.