OREANDA-NEWS. On June 30, 2009 Belagroprombank took part in the official awards-giving ceremony “The Deal of the Year” by Trade Finance Magazine, reported the press-centre of Belagroprombank.

Finance held a ceremony of awarding participants of the project on organization of float glass production for JSC “Gomelglass” for the amount of EUR 96.6 mln.

The representatives of DTEC Engineering and consulting GmbH, Euler Hermes, AKA Ausfuhrkredit-Gesellschaft and BHF-Bank Aktiengesellschaft were attending the awards-giving ceremony.

Trade Finance Magazine (Euromoney group) annually awards companies as well as financial institutions on a number of nominations for the development and use of innovative structures of trade finance. Project on the financing JSC “Gomelglass”was awarded in the nomination “The Deal of the Year”.

The deal was structured through Belagroprombank JSC under the frames of the Individual loan agreement signed between Belagroprombank JSC, AKA Ausfuhrkredit-Gesellschaft and BHF-Bank Aktiengesellschaft for the total amount of EUR 98.9 mln. under Euler-Hermes cover.

This deal is the largest one for the Belarussian market in the sphere of raising long-term financing backed by ECAs. The decision on providing insurance coverage was taken by Euler-Hermes beyond the country limit set for the Republic of Belarus and the amount of the effected deal significantly exceeds the country limit itself.

The structure of the deal which involves the escrow accounts for settlements as well as the terms of project financing (the loan is provided for the tenor of 10 years) are unique. Besides it is important to note that the funds under this project were raised without the issue of the guarantee of the government of the Republic of Belarus in favour of the foreign bank.

The major importance of the project and good results of joint work were highlighted on the ceremony.