Updated at 16:11,02-12-2016

Russia’s Vnesheconombank Group to lend $500 million to Belarus this fall to finance nuclear power plant project

A deal whereby Vnesheconombank Group will issue a $500-million loan to Belarus to finance the nuclear power plant project will be complete in September or October this year, Pavel Kalaur, chairman of the Management Board of Belzneshekanambank (Bank BelVEB), told reporters on Tuesday.

"Now the deal is at the stage of settling technical issues," Mr. Kalaur said, adding that this process would take two or three months.

An agreement for Vnesheconombank Group to issue such a loan was reached this past spring. The loan will be used for making advance payments for the construction of the nuclear power plant.

As Mr. Kalaur noted, Bank BelVEB plans to finance Belarusian companies that are to be involved in the nuclear project. "We created several liquid assets to finance Belarusian companies dealing with the construction of the plant," he said.

According to Mr. Kalaur, Bank BelVEB is going to participate in financing other large-scale projects in the corporate sector, including a modernization project carried out at the Mazyr oil refinery. "We are ready to provide $300 million for the project," he said.