ANNOUNCED AS TEMPORARYNo
Interest payment subsidy
With Decree 698 of August 8, 2013, the Council of Ministers of Belarus approved the allocation of state funds in 2013 for the compensation of Belarusbank for a credit it will grant to OJSC "Belarusian Autoworks" (BELAZ) for the production of technological equipment in line with the comprehensive programme for modernisation of the export-orientated holding enterprise BELAZ in 2012-2015. The foreign currency-denominated credit has a local currency equivalent of BYR 26.9 billion (USD 3.0 million), with interest rate not more than 8% p.a. OJSC BELAZ is manufacturer of mining dump trucks of heavy-duty and super-size load capacity, as well as the other heavy vehicles, for the mining and construction branches of industry.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.
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