EDB, BelAZ sign debt restructuring agreement

Friday, 14 August 2015 14:11  |  Written by  BelTA

BelAZ faced certain difficulties in selling its products and the decision was made to revise the payment schedule

The Eurasian Development Bank (EDB) and Zhodino-based automobile engineering company BelAZ signed an agreement on the company's debt restructuring, Dmitry Pankin, Chairman of the Board of the Eurasian Development Bank (EDB), told media on 13 August, BelTA informs.

In May 2014 the EDB and BelAZ concluded an agreement to open a $75 million credit line for three years for the company to buy materials and component parts to produce mine trucks and other equipment.

According to Dmitry Pankin, BelAZ faced certain difficulties in selling its products and the decision was made to revise the payment schedule. “We held talks with BelAZ and agreed on a new payment schedule. We signed a debt restructuring agreement,” he said.

The Zhodino-based automobile engineering company BelAZ was founded in September 1948. In 2010 BelAZ was reincorporated into a public joint stock company (OAO). In September 2012 BelAZ became BelAZ Holding managing company. BelAZ is the world's top manufacturer of mine dump trucks with a large carrying capacity and an extremely large carrying capacity as well as other heavy transport equipment used by the mining industry and the civil engineering industry. Since its inception the company has designed over 500 modifications of mine dump trucks with the carrying capacity of 27-450 tonnes. The company has made over 136,000 mine dump trucks and sold them to over 70 countries.

The Eurasian Development Bank 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 member states of the Bank are Armenia, Belarus, Kazakhstan, Kyrgyzstan, the Russian Federation, and Tajikistan.

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