Eurasian Development Bank transferred a loan of $500 million to Belarus

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Eurasian Development Bank transferred to Belarus financial credit EFSR – $ 500 million, the press service of the bank on Friday, October 16.

“The Eurasian Development Bank, which is the manager of the Eurasian Fund for Stabilization and Development, transferred a financial credit to Belarus from the fund in the amount of $ 500 million,” – said in the report.

It is specified that the loan is granted for up to 10 years with a grace period of up to five years at a floating interest rate (defined as the average yield of Russian eurobonds in U.S. dollars for a period of 7 years).

The bank noted that the funds are used to support the budget of the Republic of Belarus in the conditions of negative consequences of the COVID-19 pandemic.

The Ministry of Finance of the Russian Federation informed on October 12 that Belarus needs money for financing the consolidated budget which, according to forecasts, is in danger of deficit. This will allow the gross international reserves of the country not to fall below the target level of the National Bank of Belarus.