January 3, 2012

Belarus bank to finance dairy sector upgrades

In 2012, the Belagroprombank, bank of Belarus, will focus on financial support of upgrade projects in the local dairy industry with EUR85 million (US$110.73 million).

In particular, the investment project of Bellakt Dairy (town of Volkovysk) is estimated at EUR24 million (US$31.27 million). Construction of a dairy plant in the town of Turov will require EUR27 million (US$35.17 million). Some EUR14 million (US$18.24 million) will be located to finance upgrade projects of regional dairies in Minsk Oblast.

The project to set up the national dairy company has not been accurately evaluated yet. As part of the plan Savushkin Product Dairy is expected to buy out two dairies in Minsk and one in Smolevichi.

"Over the past five years Belagroprombank has raised US$3 billion worth of foreign loans," said Vladimir Podkovyrov. Our Bank has financed the upgrade projects of almost the entire domestic processing industry. As a result, the range of products has greatly been expanded. Today some enterprises offer consumers more than 200 descriptions of products. Belarusian meat-packing plants and dairies hold strong positions in the vast Russian market.