Lukashenka expects Russia to finance additional import substitution programs

Belarus expects that Russia will not refuse to lend up to $1.5 billion to the import substitution program. About it told President of the Republic Alexander Lukashenko at a meeting with Ambassador of the Republic to Russia Dmitry Krutoy.

Krutoy reported to the President on cooperation with Russia in the implementation of allied programs. “We talk about it a lot. But I’m more interested in specific programs here. As we called them, import substitution and so on. Remember, up to $1.5 billion Russia was ready (to allocate. – approx.). And I’m sure, and now they do not refuse, if somewhere undercredited up to this amount. We were ready to allocate funds – credit resources in order to replace those areas that were exposed after the withdrawal of the Americans and the West in general, other unfriendly countries from our markets,” Lukashenka said.

According to Lukashenka, the West “couldn’t choke” either Russia or Belarus due to the fact that neighboring countries “undertook to pull this cart together.” He added that the country uses Russian directions for logistics. Lukashenka also drew Krutoy’s attention to the fact that he should control the country’s port economy, which “Belarus is developing in Russia.”

In November 2022, Russia and Belarus signed an agreement to provide the Belarusian side with a loan of 105 billion rubles. for the implementation of import substitution projects. The projects will be implemented on the territory of Belarus. Then it was reported that 12 projects were ready for financing.

Earlier, Belarus offered Russia joint investment projects to replace imports under Western sanctions. As part of the agreements with the Russian President, Moscow will allocate $1.5 billion for Minsk’s participation in import substitution programs, President of Belarus Alexander Lukashenko said. In particular, the funds will be used to implement projects in the field of mechanical engineering, said Belarusian Industry Minister Petr Parkhomchik.