Russia says Eurasian fund approves $500 mln loan to Belarus

MOSCOW, Oct 12 (PRIME) -- The Council of the Eurasian Fund for Stabilization and Development has approved a 10-year U.S. $500 million loan to Belarus, the Russian Finance Ministry said in a statement on Monday.

“The Council of the Eurasian Fund for Stabilization and Development has approved provision of a U.S. $500 million loan to the Republic of Belarus from its own funds. The decision was made on Friday, October 9,” the statement read.

The loan’s grace period is 5 years, and the interest rate is floating and is 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.

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