OREANDA-NEWS. July 02, 2015. Otkritie FC Bank and the Development Bank of the Republic of Belarus entered into a framework agreement setting out terms and conditions for granting export credits covered by Beleximgarant for the purchase of goods (works/services) from residents of the Republic of Belarus.

According to the Agreement, a credit will cover up to 85% of the value of the import contract with a Belarus company and will equal to at least USD 1 million or an equivalent amount in another currency (Euro or Russian roubles). The credit will be repaid in equal instalments at least every six months or in accordance with an individual schedule, with interest payable on a monthly or quarterly basis and optional early repayment. The cooperation between Otkritie FC Bank and the Development Bank of the Republic of Belarus will allow Otkritie’s clients reduce significantly the financing costs of their supplies from the Republic of Belarus.

The initiative of the two banks will thus foster trade between Russia and the Republic of Belarus. Beleximgarant is a Belarusian republican unitary export-import insurance enterprise. The Development Bank of the Republic of Belarus is a special-purpose financial institution set up by the Government and the National Bank of the Republic of Belarus in 2011. The Bank’s key objectives are to finance investment projects included in state programmes and initiatives and to support export trade. The Bank’s statutory capital stood at USD 0.7 billion; assets, at USD 3 billion, both in Belarusian roubles, as at 06 June 2015 (ranking it second and fourth, respectively, among Belarusian banks).