Belarus asks China for loan of $500 mln, 5 bln yuan
MINSK. Sept 18 (Interfax) - Belarus has asked China for the loan of $500 million and 5 billion yuan and plans to spend the funds on investment projects, Belarusian National Bank head Nadezhda Yermakova said.
"The sum, which we requested from China, that we are negotiating with China, is $500 million and 5 billion yuan. This issue is being worked on with China, it is on the agenda, but these funds are not to be spent solely on gold and foreign currency reserves but on investment projects, which will bring currency efficiency henceforth," Yermakova said during an online conference on Wednesday.
Belarusian National Bank will spend the currency, planned to be spent on investment projects, to increase gold and foreign currency reserves, Yermakova said.
"We need yuans to pay back the loans we had taken from China on a number of investment projects. It is easier for us to return them in yuans," she said.
"The timeline for receiving the loan will be known after the agreement is signed," Yermakova said.