Belaruskali Gets $1Bln Loan

By The Moscow Times

Nov. 20, 2011

MINSK — Belarus' state-controlled fertilizer producer, Belaruskali, signed a $1 billion loan agreement with Sberbank and the Eurasian Development Bank on Friday.

Belarus gave government guarantees and pledged a stake "in a large Belarussian company" to secure the loan, Sberbank chief executive German Gref told reporters, without specifying the company. Sberbank will provide $900 million and the Eurasian Development Bank $100 million, BelTA reported Friday, citing EDB chairman Igor Finogenov.

Belarus is awaiting the second installment of a $3 billion bailout loan provided by the Russia-led Eurasian Economic Community, whose anti-crisis fund is managed by the EDB. Belaruskali is the nation's most profitable company.

(Bloomberg)

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