VEB.RF will provide a loan to Olmaliq Mining Metallurgical Complex (OMMC) for purchase of BELAZ mining dump trucks as part of the plant’s modernization project, the VEB.RF said in a statement.
The US$ 59 million-loan is for 5 years. The interest is estimated at over 30 percent.
“This is the first deal of the new cooperation format between Russia and Belarus. Mining dump trucks will be supplied to one of the largest copper, gold and silver mining enterprises in Central Asia,” said Daniil Algulyan, the Deputy Chairman of VEB.RF.
Bank BelVEB (VEB.RF Group) acts as the agent of the government of Belarus to subsidize the interest rate of VEB.RF. The government of Belarus and VEB.RF signed on financial support agreement for export of products as a result of industrial cooperation between the companies of Belarus and Russia to third countries.
In November 2020, VEB.RF made a decision to open a 1.8 billion rubles credit line for OMMC for trade finance for 5 years as part of the plant’s modernization.