OREANDA-NEWS. The Eurasian Development Bank's loan to OAO Belarusian Steel Works (BMZ trademark) was secured by the Belarusian government. The decision is laid down by Council of Ministers' resolution No. 779 of 2 September 2013, the press service of the Belarus government told.

The Belarus government guarantees that OAO Belarusian Steel Works - Management Company of Belarusian Metallurgical Holding Company will repay EUR 141 million to be borrowed from EDB as well as interest rates and other fees for using this secured loan. The loan will be granted for ten years to finance OAO BMZ's investment project.

Founded in 1984, Belarusian Steel Works (BMZ trademark) is the Management Company of the BMC Holding Company. The enterprise specializes in cast bars, profiled iron, rolled steel, reinforcing bars, metal cord, wire for high-pressure hoses and other kinds of wire. BMZ exports over 80% of the output.

The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with a view to assist the development of market economies, facilitate sustainable economic growth and expand mutual trade and economic ties. The EDB's authorized capital exceeds USD 1.5 billion. The participating states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.