July 27, 2018 / 11:16 AM / a year ago

China to grant loans worth $680 mln for agriculture project in Belarus

MINSK, July 27 (Reuters) - China will grant Belarus financing worth $680 million to build its largest industrial-agricultural facility, the Belarusian government said on Friday.

Belarus has looked to China as a new source of financial and political support amid a decline in subsidies from its traditional donor, Russia.

The construction of the facility began near Minsk on Friday. It will be able to process 250,000 tonnes of wheat per year for animal feed products. The facility is expected to be completed in three years.

China will grant a 15-year loan worth $628 million with an annual interest rate of 2 percent. Belarus plans to raise an additional $50 million from a Chinese bank, while $55 million will come from the project’s shareholders, which include China’s CITIC Group. (Reporting by Andrei Makhovsky; writing by Polina Devitt; editing by Jason Neely)

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