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Deputy prime minister touts benefits of China's $15-billion credit line

Belarus has obtained access to China's $15-billion credit line on very beneficial terms, Deputy Prime Minister Uladzimir Syamashka said at a joint session held by the House of Representatives and the Council of the Republic on June 30, as quoted by BelaPAN.

Under a deal signed by Minsk and Beijing in late 2009, loans taken under the line of credit are to be repaid within 15 to 20 years, with grace periods of five to six years.

Some loans to be provided under the line of credit will bear annual interest rates of just two or three percent, according to Mr. Syamashka. "These are extremely beneficial terms because, finally, this is a long-term loan with a long grace period," he said. "What is five or six years? Over this period one can manage to build an enterprise, put it into full-capacity operation, work for some time more and only afterward comes the time to repay the loan."

Mr. Syamashka said earlier this year that the government had proposed 100 projects to be financed with the help of the credit line.