Two Chinese banks will offer about $1 billion to Belarus to finance industrial and infrastructure projects, Reuters reports. Eximbank and the Industrial and Commercial Bank of China will offer $654 million for a $700 million cellulose plant construction project and $340 million for a road improvement project.
The banks will also finance a smaller railroad electrification project. The deal is expected to be linked to supplies of Chinese goods and services. Belarus may repay the loan by supplying extra cellulose to China.
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