Cooperation with OPEC funds described as valuable for Belarus

Dmitri Yaroshevich. An archive photo

MINSK, June 17 (BelTA) – Providing the legal framework for cooperation with the OPEC Fund for International Development is valuable for Belarus. Belarus’ Deputy Economy Minister Dmitri Yaroshevich made the statement when presenting a report to the National Assembly in the House of Representatives on June 17. The report dealt with the draft law to ratify the framework agreement between the Republic of Belarus and the OPEC International Development Fund, the press service of the Ministry of Economy BelTA said.

Dmitry Yaroshevich said: “In accordance with the instructions of the head of state, we are paying great attention today to cooperation with the Asian region, Africa and the countries of the Middle East. The diversification of partnership relationships and the provision of the basis for cooperation with the OPEC Fund for International Development are valuable for Belarus. “

Commenting on the benefits of working with the fund, the official said: “Our main strategy is to invest the funds we raise in projects that have a systemic economic, social and environmental impact. The advantage of working with international organizations is that they provide resources on relatively comfortable terms. In 2020, during the COVID-19 pandemic, the OPEC Fund launched the initiative to help our country overcome the negative consequences of the pandemic. A $ 20 million loan agreement was signed with the OPEC fund on December 24, 2020. The money is given on very comfortable terms – for a period of 18 years with an effective interest rate of 4% per year. The loan will be used to finance measures in the health sector. “

In order to initiate comprehensive cooperation between Belarus and the OPEC Fund for International Development, it is necessary, according to Dmitry Yaroshevich, to secure the legal framework for its work.

The framework agreement was signed with the OPEC fund on February 3, 2021. For the agreement to enter into force, the ratification of the draft law is required.

It is planned to continue the dialogue with the fund in 2021 to discuss the provision of additional funds for the health system. Later, work on raising loan funds to finance priority infrastructure projects will continue.

Thus, the ratification of the framework agreement with the OPEC Fund for International Development will make it possible to expand international cooperation and bring additional financial resources to Belarus.

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