Development Bank to provide €15.7m for new confectionary in Belarus

       The Development Bank of the Republic of Belarus will provide a loan worth €15.7 million in equivalent to finance an investment project to construct a confectionary Sweet Land. The confectionary will be located to the south of the Lipky village in Orsha District.
The funds will be allocated on the security of the Vitebsk Oblast Executive Committee. The loan will be provided for the period of up to 15 years. The confectionary will start repaying the loan a year after it is commissioned. The interest rate will make up 50% of the refinancing rate.
The interest rate payment on the loan will be reimbursed by the Vitebsk Oblast Executive Committee in 2013-2028 at the amount of the actual interest rate on the loan before the factory is commissioned and at the amount of not more than 6% per annum after the factory starts operating. The state support will be provided to Sweet Land if the company meets the targets on the return on sales in 2014-2028 and generates at least €25,000 of added value in equivalent per each employee starting from 2015.
The decree aims to expand the use of modern technologies in the food industry and enhance competitiveness of products. The decree will come into force on the day of its official publication.