OREANDA-NEWS. January 30, 2012. Belarus is drawing a USD 654.164 million loan from the Export and Import Bank of China for a project to build a factory to manufacture up to 400,000 tonnes of sulfated bleached pulp on the basis of the Svetlogorsk pulp and pasteboard factory.

According to the credit agreement signed in mid June 2011, OJSC ASB Belarusbank shall be the agent bank to service the loan secured by the government of Belarus.

Paving the way for the project, the Finance Ministry of Belarus is expected to transfer the loan to the Svetlogorsk pulp and pasteboard factory to provide funding for the project.

The ministry is authorized to sign the agreement on using and repaying the loan by the company, the Belarusian forestry industry concern Bellesbumprom and Belarusbank.

Bellesbumprom is expected to take care of the project, the repayment of the loan and interest rate fees as well as other fees by transferring money starting from 1 January 2016 and ending with 1 January 2023 in the loan currency in line with the schedule approved by the Finance Ministry.