China to provide Belarus with 450 million-euro loan

Maksim Yermolovich, the Belarusian finance minister, has said that the country will receive a loan of 3.5 billion yuan (around 452 million euros) from the China Development Bank by the end of this year.

“Work is underway to raise a loan from the China Development Bank. A memorandum has already been signed,” said the minister, reported by Belarusian state news agency Belta. Mr Yermolovich added that the two sides are now negotiating the borrowing terms.

According to the Belarusian media, the Chinese loan will be used to decrease the country’s economic dependence on Russia.