A German bank is ready to help retool OAO Mogilevkhimvolokno. The company’s Director General Piotr Rudnik informed Belarus President Alexander Lukashenko about it.

According to Piotr Rudnik, an agreement to the tune of over €27 million was signed between Belarusbank and a German bank. “The German bank is ready to lend us the money at a small interest rate for the sake of buying equipment and modernizing the second chemical shop. A German insurance company is supposed to consider applications of two banks and make the decision on 28 July. The German side expects the decision to be positive. We hope for it as well,” said the Mogilevkhimvolokno Director General.

The executive explained that the retooling project will allow the company to make new kinds of fibers, which are in demand on the European market.