Eurasian Development Bank opens credit lines for BPS-Bank worth $50 million.

November 7, Minsk /BELTA/. The Eurasian Development Bank (EDB) and BPS-Sberbank OJSC have signed the main terms for credit lines to finance the Belarusian bank's clients for a total amount of up to $50 million. This was reported to BELTA by BPS-Sberbank OJSC. The credit lines are provided for financing export-import trade operations of the bank's clients, as well as for financing small and medium-sized businesses in the amount of up to $25 million each. In particular, the trade finance line provides for both direct financing and confirmation of obligations under documentary letters of credit and guarantees. Financing of small and medium-sized businesses in the Republic of Belarus involves providing loans to such enterprises for the acquisition and modernization of fixed assets, implementation of new technologies, development of scientific, technical and innovative activities, development of export-oriented and import-substituting activities, expansion of mutual trade and investments of economic entities of the EDB member states, and business expansion and diversification. In addition, BPS-Sberbank OJSC has been appointed as the agent bank of the Government of the Republic of Belarus for the loan provided by the EDB to Vitebskenergo RUP for financing the investment project "Construction of Polotsk Hydroelectric Power Station on the Western Dvina River". The loan amount is $99.8 million. BPS-Sberbank OJSC is one of the largest banks in Belarus. On December 11, 2009, an agreement was signed in Minsk on the purchase by Sberbank of Russia of 93.27% of BPS-Sberbank OJSC shares and an investment agreement on the long-term development of BPS-Sberbank. State-owned enterprises own 2.41% of the bank's shares, and private shareholders own 4.32%. The bank began operating in the retail banking services market in 1991. Today, based on the total amount of funds from individuals in accounts in all currencies, BPS-Sberbank OJSC ranks third among Belarusian banks. -0-