Belarus, Russia approve 23 investment projects to be implemented using Russian state loan

12:42, 29 November


The Russian Industry and Trade Ministry and the Belarusian Industry Ministry have approved 23 passports of investment projects, which will be financed using a financial loan granted by the Russian government. Belarusian Industry Minister Aleksandr Rogozhnik mentioned it during a business dialogue held as part of the 27th international expo forum Russian Industrialist to discuss Belarus-Russia cooperation as the core of integration of industrial processes in the post-Soviet space, the Industry Ministry press service told BelTA.

Credit agreements have been signed and 13 promising import-substituting investment projects are being financed. Another ten projects are under consideration.

As examples Aleksandr Rogozhnik mentioned the Belarusian automobile engineering company BelAZ, which has been modernizing existing manufacturing facilities since 2020. “At present the Russian government's loan is also used for financing. The project's implementation will allow increasing the output of vehicles by 40% in physical terms,” the official noted.

The Belarusian agricultural machinery manufacturer Gomselmash is busy upgrading the existing manufacturing facilities and setting up new ones, including at the expense of the Russian government loan. “It will set up a facility to make components for the harvesters Gomselmash makes. The demand of the Russian company Rostselmash for these products will be satisfied as well,” Aleksandr Rogozhnik added.

The industry minister mentioned the importance of manufacturing cooperation as part of the industrialist union Progress. The union has been established for the sake of accomplishing strategic tasks of development of the national economies of member states of the Union State of Belarus and Russia and the Eurasian Economic Union. The main purpose of the union is to advance interindustry and interstate cooperation.

“Industrial enterprises will continue working to advance Belarus-Russia interaction. The Belarusian Industry Ministry and the Russian Industry and Trade Ministry provide comprehensive assistance to our enterprises,” the industry minister concluded.

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