Belarus planning new loan in Russia for import-substitution projects

MINSK. July 2 (Interfax) - Belarus plans to discuss the allocation of additional funds with Russia in order to implement import-substitution projects, Belarusian Ambassador to the Russian Federation Alexander Rogozhnik said.

"The Russian side previously allocated Belarus a credit line of 105 billion Russian rubles to implement joint import-substitution projects. The pool of projects has already been formed. All the resources have actually been utilized, and we are moving to the next stage of collaborating with the Russian side on additionally allocating a package to implement high-tech projects aimed at ensuring the Union State's technological independence," Rogozhnik was quoted as saying by the BelTA state news agency.

Following talks between the Russian and Belarusian presidents, Belarus' then ambassador to Russia, Dmitry Krutoi, at the end of May said that the Russian side could increase financing import-substitution projects in Belarus by two to three times after disbursing a previously allocated government loan totaling 105 billion Russian rubles.

"Local tactical tasks include projects in mechanical engineering, and disbursing loans totaling 105 billion Russian rubles for import-substitution projects. Readiness to double or triple the loan has been confirmed, depending on the number of projects that our industrialists propose additionally," Krutoi said.

The parties signed the agreement on the Russian government providing the Belarusian government with a loan totaling up to 105 billion Russian rubles in November 2022.

Belarus' Deputy Industry Minister Alexander Yefimov in April said that Belarusian enterprises had begun delivering to Russia the import-substitution products manufactured as part of the investment projects financed by the Russian government loan. Yefimov said that 20 import-substitution projects were at the implementation stage, and the parties were negotiating seven new projects as part of the credit line.