- Belarusian truck producer Belaz to export 77 vehicles to India
- EBRD and Belinvestbank to provide trade finance guarantees
- Major transaction under EBRD Trade Facilitation Programme
Belarus’s leading manufacturer of dump trucks and specialised equipment, Belaz, will be able to expand its export activity in the Indian market with a major trade operation facilitated by the EBRD and Belinvestbank.
Belaz will export 77 dump trucks to India after the company won a tender to supply trucks for use in the mining industry across India. Based in Zhodzina near the capital, Minsk, and established in 1948, Belaz is also the manufacturer of the biggest dump truck in the world.
Following the successful bid, Belaz had to provide a number of guarantees to secure the supply and performance of its products. The EBRD and Belinvestbank provided guarantees for the transaction, which is worth US$ 200 million, under the EBRD’s Trade Facilitation Programme (TFP). Axis Bank of India was the local confirming bank under the transaction.
The EBRD TFP promotes international trade to, from, and within the economies where the Bank invests, including Belarus. Through the programme, the EBRD provides guarantees to international confirming banks, taking the political and commercial payment risk of international trade transactions undertaken by banks in these countries. The TFP provides access to finance for exporters and importers, strengthens local capacity in compliance and advances trade finance skills
Since the start of its operations in Belarus in 1992, the EBRD has invested almost €2.7 billion in 119 projects in various sectors of the country's economy.