Sberbank and Deutsche Bank will credit Belaruskali for USD 2 billion
The loan will be secured by export contracts and guarantees of 35% of the shares of the enterprise. This was announced by Head of Russian Sberbank German Gref at a meeting with Prime Minister Vladimir Putin on Friday.
Since the growth of public debt is currently not feasible, the government bets on the growth of corporate debt. The loan is issued on the condition of export contracts of Belaruskali, the only sustainable and stable generator of the foreign currency earnings in Belarus. The issue is that the loan needs to be repaid otherwise, 35% of the stakes of the enterprise will be given away for $ 2 billion only, which is times less than previously projected amounts. Therefore this loan is not a victory, rather a failure of the President to find cheap loans.
Last week, Belarusian Foreign Minister Makei participated in the foreign ministers’ meeting of the Eastern Partnership and Visegrad Group initiative hosted by Warsaw. The Belarusian FM emphasized Belarus' interest in cooperation in the transport sector, which could be due to Belarus’ desire to export electricity surplus after Belarus finished construction of the nuclear power plant in Ostrovets. Minsk expressed concerns about Warsaw’s stance on the Belarusian NPP, as it refused to buy electricity from Belarus and supported Vilnius’ protest on this issue. Following accusations by the Belarusian leadership and the state media against western states, including Poland, of training "nationalist militants", Minsk did not agree on the visit of the European Parliament deputies from Lithuania and Germany to Belarus and to the NPP construction site near Ostrovets in particular. In addition, the Belarusian authorities have stepped up efforts to enforce education in Russian in Polish-language schools in Grodno and Vaukavysk. Should a rift in Belarusian-Polish relations persist, the Belarusian authorities are likely to step up the pressure on the Polish-speaking minority in Belarus.