Sorainen Belarus acted as local counsel for the Eurasian Development Bank (EDB) on the extension of a USD 15 million loan to the “Vasily Kozlov” Minsk Electrotechnical Plant (METZ). The loan agreement was signed in Minsk on 18 August to finance modernisation of equipment used in production of transformers. Total project value exceeds USD 55 million.
The EDB is an international financial institution whose founding mission is to facilitate the economic growth of its member states, expansion of mutual trade and development of integration in the Eurasian region through investment activity.
METZ is the largest European manufacturer of electrical equipment employed in the oil extraction industry, the telecoms sector, in railways and in power plants.
According to the Bank’s development strategy for 2013-2017, this project is among the investment priorities. It is particularly significant because energy-sector enterprises have a strong multiplicative effect on related sectors.