MINSK — Belarus may issue a maiden eurobond in 2010, following in the footsteps of Russia and Kazakhstan who are also eyeing placements next year, Finance Minister Andrei Kharkovets said on Thursday.

The former Soviet country has seen demand for its goods dented by a recession in neighboring Russia, forcing it to look for sources of external funding.

Kharkovets said Belarus has been offered "significant" loans by Sberbank, which will cover a large part of the country's external financing needs this year.

Sberbank was not immediately available for comment, and Kharkovets did not specify the amounts either of the loans or the eurobond.

The country has already secured a $3.63 billion stabilization loan from the International Monetary Fund and a $1.5 billion loan from the Russian government. But in May, Russia delayed disbursing a further $500 million, saying it was worried about the creditworthiness of Belarus.

Countries and companies are returning to the international debt markets, as investor appetite returns for high-risk but high-yield emerging markets.

But Belarus will have much competition as it seeks investors for its bonds. Russia is set to issue up to $18 billion of eurobonds next year, returning to the market after a decade, while Kazakhstan is eyeing a $500 million placement.

Belarus has discussed plans for raising a eurobond since 2007 for a sum of up to $200 million as part of plans to raise capital on international markets. But the issue has repeatedly been postponed in connection with unfavorable conditions on world markets.

In July, Nadezhda Yermakova, head of major state-controlled bank Belarusbank, said Belarus may issue its delayed maiden eurobond this year, worth $500 million.