Minsk in talks with Russia on new 100 bln ruble loan for import substitution - Belarusian Industry Ministry

MINSK. July 23 (Interfax) - Belarus is holding negotiations with Russia for an additional government loan of 100 billion Russian rubles to finance import substitution projects, Belarusian Industry Minister Alexander Yefimov said.

"Since we have already used up the limit [under the previous credit line of 105 billion rubles] that the [countries'] two presidents agreed on, we are now working on increasing the credit line by about another 100 billion rubles," Yefimov was quoted as saying by state news agency BelTA.

He recalled that the two countries' industry ministries earlier approved 27 investment projects for implementation in Belarus with the aim of manufacturing products to replace imports that will then be supplied to Russia and other countries.

"The overall amount of investment in them exceeds 165 billion Russian rubles. The resources are being actively drawn down. All the projects are at a high stage of implementation and all 27 projects will reach design capacity by the end of 2026," Yefimov said.

New projects have been tentatively agreed on with Russia's Industry and Trade Ministry, he said, adding that the projects will be aimed at ensuring the technological sovereignty of Belarus and Russia.

"The parties are now working on adjusting certain provisions of this intergovernmental agreement, after which all that will be left will be to get the Russian side's agreement in the form of a signed contract for the release of the credit line," Yefimov said.

The agreement to grant the Belarusian government a Russian loan of up to 105 billion Russian rubles was signed in November 2022.

Belarus's ambassador to Russia, Alexander Rogozhnik said in mid-July that the new Russian government loan will be used to finance "high-tech, complex projects that the two countries do not have within the Union State."