OREANDA-NEWS. November 12, 2010. Eurasian Development Bank (EDB) and Belgazprombank signed the termsheet covering the credit facility for financing of export and import operations performed by Belgazprombank’s customers. The amount of the credit facility is USD 20 mln., reported the press-centre of Belgazprombank.

The Facility includes direct funding as well as confirmation of obligations under L/Cs, guarantees, etc. More than 50% of the credit line will be applied to finance customers’ operations which promote mutual trade between the EDB’s member states.

The transaction with Belgazprombank is the EDB’s project within the Programme accepted this year and devoted to the development of trade finance instruments and promotion of trade between EDB’s member states. For such projects EDB selects stable and reliable banks having significant experience in trade finance and desiring to develop this business line even further. Partnership with Belgazprombank in this area will allow the Eurasian Development Bank to extend the scope of its operations in the region, promote goods to the new markets, discover the new distribution channels and reviving of the prior economic relations.

“The participation in the EDB’s programme will allow the Bank to extend its external funding sources for on-lending to the enterprises engaged in international trade, - said Sergey Shaban, Deputy Chairman of Belgazprombank – The introduction of this programme is very important as its main purpose is to foster integration processes between EDB’s member states. We hope that in the future other participants will join the programme and with the EDB’s assistance we will be able to promote further growth of mutual trade between CIS countries accounting for over 50% of foreign trade balance of Belarus.”

Belgazprombank is the authorized bank of Gazprom Group in Belarus and has been working in banking business since 1990. Bank is among the Top 10 Belarusian banks occupying the 7th place in terms of assets and capital.

Eurasian development bank (EDB) is the international financial organization founded in order to foster economic growth of member states, promotion of trade relations between them and development of integration processes in Eurasian region. The EDB’s member states are: Russia, Kazakhstan, Belarus, Armenia and Tajikistan.