Belarus' government approves draft protocol to amend BelNPP loan agreement

On 28 February 2023 the Council of Ministers of Belarus passed Resolution No. 162 to approve a draft protocol on amending the Belarus-Russia intergovernmental agreement on providing a loan to Belarus to build the nuclear power plant. The resolution was officially published on the National Legal Internet Portal, BelTA informs.

“To approve as a basis for negotiations the draft protocol on amending the agreement signed by the Government of the Republic of Belarus and the Government of the Russian Federation on 25 November 2011 on granting a state export loan to the Government of the Republic of Belarus for the construction of a nuclear power plant on the territory of the Republic of Belarus,” the document reads.

The Finance Ministry was authorized to conduct negotiations on the draft protocol, and if necessary, to make minor changes to it. In addition to that, the Finance Ministry was authorized to sign the protocol upon reaching an agreement.

In line with the resolution, the protocol will be in effect temporarily from the 11th day after its signing until it comes into force.

A reminder, the protocol will amend the 2011 Belarus-Russia agreement on a $10 billion Russian loan for building the Belarusian nuclear power plant. The draft protocol stipulates that the repayment of the loan has to begin on 1 April 2024 at the latest. Apart from that, the document stipulates that all the payments will be made in Russian rubles. At present, 1 April 2023 is the date for starting the repayment of the loan.