MINSK — Sberbank agreed to grant a $1 billion loan to potash producer Belaruskali, a Belarussian government official said.
Belaruskali will not put up shares or other collateral for the loan, the official, who declined to be identified because of state policy, said Tuesday, confirming a report on the state-run BelTA news service late Monday that cited Deputy Prime Minister Sergei Rumas. He declined to provide details on the interest rate.
The potash producer may have to sell 30 percent of the foreign currency received under the loan at an official exchange rate. Belaruskali lost its exemption from the mandatory foreign currency conversion on Aug. 30 under a decree signed by President Alexander Lukashenko.