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Republic

11 November 2011

China to lend $340m to repair Zhlobin-Gomel road

MINSK, 11 November (BelTA) – The Zhlobin-Gomel road of the М-5/Е271 Minsk-Gomel highway will be renovated using the $340 million credit of China’s Exim Bank. Relevant Resolution No. 1503 was approved by the Council of Ministers on 9 November 2011, BelTA learnt from the press service of the Belarusian government. In line with the resolution, Belvnesheconombank will be authorized to service the credit provided by the Chinese bank to implement the investment project to repair the Zhlobin-Gomel road. The Finance Ministry will pay the interest rate, the principal debt, the bank commission, insurance fees and other payments associated with the credit. The payments will be made out of the national budget for the next financial year. The credit will be transferred to Gomelavtodor. Transport and Communications Minister of Belarus Ivan Shcherbo will be personally responsible for the efficient use of the credit. The credit agreement to implement the project was signed by the Government of Belarus and China’s Exim Bank on 14 June 2011.

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