Sberbank of Russia and the Belarusian government have not yet signed a memorandum of intention that would provide for the bank to refinance refinance a $1-billion loan for potash giant AAT Bielaruskalij (Belaruskali), the bank's CEO, German Gref, told reporters in Minsk on Tuesday.
Instead of signing the memorandum as planned on September 25, Sberbank and the Belarusian government decided to speed up work on the loan agreement itself, Mr. Gref said. There are no serious differences of opinion regarding the agreement, and Belarusian Prime Minister Mikhail Miasnikovich has asked Sberbank to finalize the deal as soon as possible, Mr. Gref said.
He promised that a group of Sberbank experts would soon arrive in Belarus for this purpose.
According to Mr. Gref, the agreement may be signed in mid-November or even earlier.
Sberbank and the Eurasian Development Bank granted the $1-billion syndicated loan to Bielaruskalij in December 2011.
The Belarusian government provided 50 percent of the Naftan oil refinery in Navapolack as a security for the loan. Sberbank reportedly contributed $900 million and the Eurasian Development Bank $100 million to the loan. Of the amount, $800 million went into Belarus' gold and foreign exchange reserves.
This past June, Bielaruskalij announced an intention to repay the loan ahead of schedule.
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