EDB raises CNY1.5 billion from China to finance cross-border transactions
19 November 2020
MINSK – The Eurasian Development Bank (EDB) has borrowed CNY1.5 billion (around $230 million) to finance cross-border transactions between China and the EDB member countries, including Belarus, BelTA learned from the EDB press service.
The EDB borrowed the funds from the Export-Import Bank of China (Exim Bank of China). The credit facility has been issued for five years.
“This is the EDB's first experience in tapping the Chinese market. The transaction with the Exim Bank of China is the result of our continuous work to enhance access to medium and long-term borrowings from major players in capital markets. Thus, the Eurasian Development Bank can offer attractive terms for development and integration projects of our countries,” said Nikolai Podguzov, Chairman of the EDB Management Board.
The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB's charter capital totals $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.