World Economy

China Extends $7b Credit to Belarus

China Extends $7b Credit to BelarusChina Extends $7b Credit to Belarus

China has extended $3 billion credit to Belarussian companies and $4 billion in commercial credit to Belarussian banks for financing business projects, Economy Minister Vladimir Zinovsky said on Monday, Reuters reported. The credits, which appeared to include $1 billion of loans to two banks announced on Sunday, were part of a raft of deals resulting from President Xi Jinping visit to Minsk, Moscow and Almaty. At the same time, the Belarussian central bank announced a three-year currency swop agreement which will put 7 billion yuan (about $1.1 billion) into its reserves and help with foreign debt repayments of $4 billion due this year.