BELARUS NEWS AND ANALYSIS

DATE:

09/06/2009

Belarus, WB sign $125mn loan agreement

Belarus and the World Bank have signed an agreement on granting Belarus a $125 million loan for financing the energy effectiveness project, as reported by Interfax.by.

The agreement was signed by Chairman of the State Standardization Committee of Belarus Valery Koreshkov and World Bank Country Director for Ukraine, Belarus and Moldova Martin Raiser. The loan was inked in Minsk on June 8.

World Bank Board of Executive Directors authorised giving a $125 million loan to Belarus to finance the $193.1 million project "Energy effectiveness enhancement" on May 28.

The project will be implemented by Belinvestenergosberezhenie subordinate to the energy efficiency department of the State Standardization Committee of Belarus which is responsible for the national energy saving programme.

The World Bank will provide the loan for 16 years, with a six-year payment delay. The implementation of the project will begin in 2009 and will take five years.

Belarus joined the World Bank in 1992. To date, the World Bank's lending to Belarus has totaled $443 million for the implementation of eight projects. The World Bank is supporting Belarus in applying the strategy of enhancing competitive ability of the national economy.

Source:

http://www.cbonds.info/all/eng/news/index.phtml/params/id/434885

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