EDB to provide US $10 million to Belgazprombank

In accordance with the documents signed the targeted loan facility will be provided for five years. The funds will be used to develop the agroindustrial sector in Belarus. Twenty percent of finance will be used to purchase agricultural machinery produced in EDB member states, the bank's official website reads. This transaction with Belgazprombank is EDB's first project in the framework of its Programme for the Development of the Agroindustrial Complex approved in 2013. EDB has been cooperating with Belgazprombank since 2011, when the two banks signed a US $40 million Framework Agreement, under which EDB provides loans to its Belarusian financial partner for trade finance. In the framework of that agreement Belgazprombank financed over 160 foreign trade contracts of its clients in the light and food industry, mechanical engineering, chemistry, metallurgy, the power sector, and the construction materials sector. Belgazprombank was set up in 1990 and is the authorised bank of the Gazprom Group in Belarus. It is one of the country's largest banks, ranking seventh in terms of assets and equity. Today Belgazprombank is the strategic bank for non-governmental enterprises in Belarus. Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth and the expansion of mutual trade and other economic ties in its member states. EDB's charter capital exceeds US $1.5 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.