Eurasian Development Bank disburses $500 mln tranche to Belarus

MOSCOW, Oct 16 (PRIME) -- The Eurasian Development Bank has disbursed a U.S. $500 million tranche of the Eurasian Fund for Stabilization and Development’s loan to Belarus, the bank said in a statement on Friday.

"The Eurasian Development Bank, which manages the funds of the Eurasian Fund for Stabilization and Development. Has paid a $500 million financial credit to the Republic of Belarus from the means of the fund," the statement read.

According to an earlier statement, the grace period is 5 years, and the interest rate is floating and based on an average yield of Russia’s 7-year U.S. dollar Eurobonds.

Previously, Russian Finance Minister Anton Siluanov said that Moscow and Minsk were working on provision of a $1.5 billion loan in three stages with one $500 million tranche coming from Moscow and one from the fund until the end of the year. Russia will provide the remaining $500 million in 2021.