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Belarusky Narodny Bank signs a loan facility agreement with Nordic Environment Finance Corporation (NEFCO) to develop electric t
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Belarusky Narodny Bank signs a loan facility agreement with Nordic Environment Finance Corporation (NEFCO) to develop electric transport in the Republic of Belarus

NEFCO and Belarusky Narodny Bank (BNB-Bank) signed a loan facility agreement under the programme aimed at development of electric vehicles in the Republic of Belarus. NEFCO will provide up to EUR 2.5 million under the joint financing facility for the period of up to 5 years.

Signing of the agreement is the first stage of implementation of the joint programme of BNB-Bank and NEFCO SmArt Energy that promotes development of electric transport and charging infrastructure in the Republic of Belarus.

The facility is provided to BNB-Bank for the purpose of issuing loans to legal entities and private customers for purchase of electric cars*, hybrid cars**, charging stations and other technological equipment. BNB-Bank will also lease such products to legal entities and private customers through the facility.

The loan programme will finance dealers and importers who are planning to buy new and second-hand (not older than 4 years) electric cars and sell them in Belarus. Financing will also be provided to dealers and importers for purchase of software and hardware necessary for maintenance and repair of electric vehicles. Other projects related to electric cars may also be financed, such as lending to buyers and manufacturers of charging stations.

It should be mentioned that purchase of electric vehicles imported and used in the country cannot be financed if it is a second sale (second sale of imported or sold vehicles in the domestic market is forbidden). The total share of BNB-Bank’s financing for plugin-hybrids may not exceed 50% of the provided funds.

Belarusky Narodny Bank highly appreciates the importance of SМАrt Energy programme for the country’s economy and the society generally. Co-operation with NEFCO under this loan facility will promote development of the market for electric vehicles, as well as formation of the infrastructure for their service. Since development of electric car market and charging infrastructure in the country is anticipated in the near future, we welcome the prospects of co-operation with leading-edge companies and clients who may share the best practice with us. Such opinion leaders think not only of technological development of the society but also social and environmental issues, that means they care for the future,’ says Sergei Sabuk, Deputy Chief Executive Officer of BNB-Bank.

*Electric car is a vehicle driven by one or several electric engines.

**Hybrid car is a vehicle driven by an electric energy accumulator chargeable from an external source, or by an internal combustion engine.

For reference:

Nordic Environment Finance Corporation (NEFCO):

NEFCO is an international financial institution established by the five Nordic countries. NEFCO finances green growth investments and projects primarily in Eastern Europe as well as climate projects across the world. NEFCO's main focus is to generate positive environmental effects of interest to the Nordic region.

About Belarusky Narodny Bank:

Belarusky Narodny Bank (BNB-Bank) was established in 1992. The Head Office of the bank is located at the address: Nezavisimosti avenue, 87a, Minsk. Sixteen banking service centres of BNB-Bank are located in 5 cities of Belarus (Minsk, Brest, Vitebsk, Gomel, Mogilev). The main shareholder is Bank of Georgia (94,99%). BNB-Bank provides a wide range of services for corporates and individuals. The main strategic objective of the bank is support of medium and small business.

In 2014, BNB-Bank launched the SMArt Business initiative with the motto “The art of running business!” to support small and medium companies in Belarus, by uniting various financial and non-financial services into one package.

Main objectives of the initiative are to:

1) Provide and expand access of small and medium companies to financing;

2) Improve and enhance service quality standards;

3) Create and develop the platform for expertise sharing between business owners.

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