German Bank refuses €100 million loan to Belarus

KfW Bank has annulled a €100 million loan for Belarus. The loan was to be spent on the purchase of Siemens gas turbines.

German KfW IPEX-Bank. Photo:

In early April, according to the NAM, they appealed to German banks, the Swedish export credit agency EKN and Siemens to withdraw from the purchase of gas turbines for BelNPP.

After the Swedish credit agency EKN refused to insure the turbine purchase deal on May 25, German bank KfW canceled a €100 million loan to be spent on buying Siemens gas turbines.

“Taking out a new loan now is extremely problematic for the illegitimate government. U.S. and European banks will not cooperate with a terrorist regime. China and the UAE were not initially interested in the BelNPP construction project, while Russia attracted German money to lend Belarus for the project. The repression [85 employees were fired from Minskenergo] can not remain without consequences,” said the head of the NAU Pavel Latushko.

The cancellation of the loan means that the Belarusian authorities will not complete the modernization of power grids with external funding from the European Union.