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Belarusbank hopes for deeper cooperation with German banks

Belarusbank hopes to extend cooperation with German banks, Deputy Chairman of the Board Vladimir Novik told media on 29 May.

Not long ago ASB Belarusbank received a delegation of the consortium of German banks AKA Ausfuhrkredit-Gesellschaft mbH led by managing director Mark Wengrzik. The delegation paid a visit to the Grodno oblast executive committee and a number of companies of Grodno Oblast: Grodno Azot and Mostovdrev. The foreign guests also met with Chairman of the Board of ASB Belarusbank Sergei Pisarik to discuss cooperation in long-term financing of export credit agencies with insurance coverage, including the implementation of new projects.

“The delegation was interested in the state of affairs at Belarusbank and the country’s macroeconomic situation. They were demonstrated two projects to be financed by German banks. German bankers visited Grodno Azot to get familiar with a project worth over €100 million. The project envisages a new workshop of nitric acid which is used for the production of nitrogen fertilizers. This product is in demand on the market. The German delegation also paid a visit to Mostovdrev which project stipulates MDF (intermediate-density fiberboard) manufacturing. Apart from this one more project was discussed with German representatives. The production of texture paper in Shklov estimated as €85 million,” Vladimir Novik said. The abovementioned projects will be implemented by German leading companies ThyssenKrupp, Dieffenbacher, Voith.

Belarus needs to get approval of the first two projects from the Euler Hermes insurance agency and the German interministerial committee which includes the ministries of economy, finance and foreign affairs. “The committee decided on €80-million limit for Belarus in H1. These resources have almost been used. That is why there is a question on setting a new limit for Belarus in general and Belarusbank in particular. Last year, despite all the difficulties, we attracted over €150 million from German banks,” Vladimir Novik said.

“We expect our Chairman to pay a visit to the Euler Hermes insurance agency in Hamburg, the interministerial committee in Berlin and a number of large banks next week. We hope a new limit will be set after the presentation of the projects,” Vladimir Novik added.

AKA Ausfuhrkredit-Gesellschaft mbH was founded in 1952. The consortium is owned by 19 German financial institutions, including Deutsche Bank AG and Commerzbank AG. ASB Belarusbank has been cooperating with AKA in long-term financing for 15 years. For the time being the total sum of joint projects exceeded $600 million.

(BelTA)




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