On August 16th, 2012 Bank BelVEB opened first letter of credit for $184 million. The l/c will be used to cover payments under Belarus NPP construction contracts. The letter of credit was issued on behalf of the NPP Construction Directorate in favor of Russian Atomstroyexport under the contract for design and survey works.
According to the bank, the letter of credit will be paid through the state export loan for the construction of the Belarusian nuclear power plant granted by the Russian Government to the Belarusian authorities under the intergovernmental agreement of 25 November 2011.
As Telegraf reported earlier, on June 28th the Ministry of Finance, the Ministry of Energy, the NPP Construction Directorate, and Bank BelVEB signed an agreement defining the terms of disbursement and repayment of the state export loan provided by the Russian Government for the Belarus NPP construction.