OREANDA-NEWS. August 15, 2011. Azerbaijan will allocate a USD 300 million loan to OJSC Belaruskali, reads Belarus’ Council of Ministers’ resolution #1001 of July 27, 2011. In line with the resolution the Belarusian government will provide guarantees to Azerbaijan that the loan will be repaid.

The resolution published by Belarus’ national center for legal information reads, Azerbaijan will allocate the loan to OJSC Belaruskali for the sake of implementing investment projects and the 2011-2015 national social and economic development program.

Guarantees of the Belarusian government will be provided after OJSC Belaruskali and OJSC Capital Bank of Azerbaijan sign the credit agreement and after the Belarusian Finance Ministry, the state petrochemical industry concern Belneftekhim, OJSC Belaruskali and Priorbank OJSC have signed an agreement on using and repaying the guaranteed loan.

Priorbank OJSC has been chosen to service the guaranteed loan.

The resolution comes into force on the publication date.

The state-owned Belarusian company OJSC Belaruskali is one of the world’s largest manufacturers of potash fertilizers, employing about 20,000 personnel. It operates the Starobinskoye potash salts deposit and comprises four mine groups, auxiliary shops and support units.