ANNOUNCEMENT 13 Feb 2014In February 2014, the government of Belarus announced a change to private-sector financial support.
NUMBER OF INTERVENTIONS
The Council of Ministers of the Republic of Belarus (according to Decree 126 of February 13, 2014) has introduced beneficial state support to the company Open JSC "Baranovichi Cotton Production Amalgamation' (JSC BCPA). The export-oriented company is a large manufacturer of textile products with a complete production cycle: from cotton processing and yarn production up to the manufacturing of ready-made goods. The main products manufactured by Open JSC 'BCPA' are: grey carded yarn from cotton fibre for knitting and weaving; cotton-polyester yarn from cotton fibre; grey, bleached, uni-dyed and printed fabrics of different weight; sateen; ready-made goods such as bed-linen sets; medical cloth; fabrics for overall.
In particular, the interest payments of its investment loan at the amount of EUR 23 612 500 provided by Belarusbank will be partially reimbursed.
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.