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VEB in Talks With Belarus

Russian state development bank VEB may extend a $500 million loan to Belarus to help finance the construction of a new nuclear power plant, the bank said Thursday.

"We expect the work [on the loan deal] to conclude within two months," said Pavel Kallaur, head of VEB's Belarussian subsidiary. "The interest rate will be slightly below the market one."

Russia, whose companies will build the power plant, has promised to lend Belarus $10 billion to finance the project, but the former Soviet republic needs additional funds to make prepayments for some of the work.

(Reuters)

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