Russian president signs law to ratify protocol restructuring Belarusian ECA loan

(BELTA, Minsk, 29 April 2021) Russian President Vladimir Putin has signed the law to ratify the protocol restructuring the protocol to amend the Belarusian-Russian intergovernmental agreement on the state export credit to the Belarusian government to build a nuclear power plant. During the ratification, it was noted that some $4.7 billion of the $10 billion loan provided for the construction of the Belarusian nuclear power plant was used as of 1 March this year. According to Russian government estimates, the cost of the construction will be about $6 billion. The protocol contains the following terms for restructuring Belarusian obligations: extension of the loan use period for 2 years – until the end of 2022; postponement of the grace period on the principal from 1 April 2021 to 1 April 2023; replacement of the current mixed interest rate on the loan with the fixed interest rate of 3.3% per annum.