Belarus intends to distribute credit risks

On November 14^th, Deputy Finance Minister Ermolovich announced that Belarus would place new Eurobond issue on the international financial market in 2015 worth circa USD 1 billion with 10-year maturity period. Belarus is issuing new bonds for private and legal persons in order to ensure she has enough resources to support her international reserves (this issue becomes crucial since Russia’s funding opportunities are limited). In addition, Belarusian state banks might attract syndicated loans, some state owned enterprises might be privatised and one or two large enterprises might announce IPO independently. The most desirable scenario is that one of the leading European banks becomes a shareholder in a Belarusian bank or that a new bank is founded, mainly with the European capital, which would attract cheap resources from the European market in order to modernise the Belarusian economy.