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Sberbank of Russia provided over $600 million worth of soft loans to domestic buyers of Belarusian vehicles, agricultural equipment

Sberbank of Russia provided soft loans exceeding $600 million to domestic buyers of the Belarusian agricultural equipment and vehicles, Vasil Matsyushewski, chairman of the board of BPS-Sberbank, which is owned by the Russian bank, told reporters in Minsk on Thursday.

The loans were issued under an agreement signed by Sberbank and the Belarusian Ministry of Finance in October 2009. Earlier this year, the two parties signed another agreement to extend the deal. In accordance with its terms, Sberbank offers loans on easy terms to domestic buyers of the Belarusian exports, while Belarus compensates it for the discounts on the interest rates.

“Belarusian equipment bought in the framework of this agreement went to almost 90 Russian provinces,” said Mr. Matsyushewski.

He said that more Belarusian exports might be places on the list of goods whose Russian buyers qualify for a soft loan. The extension of the list "above all depends on the Belarusian side", he noted.

At present, the list features trucks, trackless trolleys, tractors, and forage and grain harvesters. //BelaPAN