EDB, BelVEB Bank ink trade finance pact

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Eurasian Development Bank (EDB) signed an agreement with BelVEB Bank (Belarus) to provide a 5-year USD10 M loan facility to the latter for the purpose of trade finance. The loan will be used to finance foreign trade transactions of the bank’s clients in the EDB member-states. The loan from EDB will enhance the external sources of finance for BelVEB Bank’s clients engaged in foreign trade. In addition, the project will help expand mutual trade between the EDB member-states and deepen integration between them. The agreement sets forth that BelVEB Bank will use at least 80% of the loan to finance trade transactions between the EDB member-states. EDB is implementing the project with BelVEB Bank in accordance with its Programme for the Development of Trade Finance Instruments and the Enhancement of Mutual Trade between the EDB Member States adopted in 2010.

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