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Belarus receives 2nd tranche of EFSD loan for 300 mln USD

Xinhua, July 29, 2016 Adjust font size:

Belarus has received the second tranche of a loan from the Eurasian Fund for Stabilization and Development (EFSD), the country's Finance Ministry said Friday.

The ministry said that Belarus has fulfilled the conditions for receiving the second tranche of the EFSD's financial credit, which is worth 300 million U.S. dollars. The credit agreement was signed in Moscow on March 25.

The loan agreement stipulated the allocation of two billion U.S. dollars to support the economic policy measures and structural reforms of the government and the National Bank of Belarus for 2016-2018.

The funds are available in seven tranches: three in 2016, three in 2017, and one in 2018. Each tranche is drawn for a period of 10 years, including a 5-year grace period.

Belarus got the first tranche of 500 million U.S. dollars in late March.

The EFSD, established in 2009 by Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan, is tasked with providing assistance to the member states in overcoming the consequences of the global financial crisis, ensuring their economic and financial stability, and supporting the integration process in the region. Endi