Finance Ministry: BelNPP loan period extended by two years, interest reduced to 3.3%

MINSK, 16 July (BelTA) - The period of use of the loan for the construction of the Belarusian nuclear power plant has been extended by two years, the interest rate has been reduced to 3.3% per annum, BelTA has learned from the website of the Finance Ministry of Belarus.

A protocol to amend the agreement between the governments of Belarus and Russia to provide a state export loan for the construction of the Belarusian nuclear power plant of 25 November 2011 was signed in Moscow on 14 July.

“The protocol extends the period of use of the loan by two years, the grace period, and, accordingly, the term of the loan. This will allow using the loan until the nuclear power plant is commissioned in 2022,” the Finance Ministry noted.

The interest rate will be 3.3% fixed rather than “mixed”. “This will improve the performance of the nuclear power plant construction project, reduce Belarus' expenses on servicing the external government loan and hedge the risk of uncertainty given an uncertain LIBOR transition environment in the medium term,” the Finance Ministry said.