ANNOUNCEMENT 07 Apr 2014In April 2014, the government of Belarus announced a change in private-sector financial support.
NUMBER OF INTERVENTIONS
With Decree 321 of 7 April 2014, the Council of Ministers of Belarus agreed to issue a letter of guarantee to Belarusbank in order to secure a credit line at the amount of EUR 15.8 million it had granted to JSC "Rechitsadrev". The maturity date of the loan is 31 December 2023. However, theissuance and the maturity dates of the letter of guarantee have not beendisclosed.
JSC "Rechitsadrev" is an export-oriented enterprise, specialised in the production of wood-based panels, plywood, lumber, office and household furniture. The main export markets of the company can be retrieved from the second provided source. They are assumed to be affected parties of this state support measure.
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.