EBRD approves $287m loan to improve road network in Belarus

WCN Editorial Team 5 Dec 2019 EUROPE TRANSPORT INFRASTRUCTURE

The European Bank for Reconstruction and Development (EBRD) has approved a €259m ($286.9m) loan to improve transport infrastructure in Belarus.

The package includes €126m ($139.5m) for upgrading 12 bridges in the country, contributing to the road rehabilitation programme launched by the government.

The loan also includes €133m ($147.3m) for upgrading the M3 motorway, which links the country’s capital, Minsk, with Vitebsk.

The funds will be used for the rehabilitation of a 47km section of the motorway.

EBRD said that upgrading transit capacity and better connections in Belarus will contribute to the country’s economic growth prospects, stimulate trade and help develop key infrastructure.

The country has an 87,000km road network, including the international transit corridors II and IX, which connect European Union member states with Russia, Central Asia and China as well as the Baltic states with the Black Sea.

Separately, EBRD has approved a PLN108.43m ($28m) loan as part of a financial package from a consortium of banks to Polish modular construction company Polcom to expand its operations.

Polcom supplies modular prefabricated elements to the hotel industry across the world. The modular components are manufactured away from a building site and later installed on site.

The company will use the funds to expand its production facilities in Gdynia and Chojnice, construct a new factory and refurbish its steel plant in Gdynia.

Polcom has three production sites, along with representative offices in the US and the UK.

The company serves customers globally, including Marriott, Hilton, citizenM, Intercontinental Hotels Group, and Accor.

EBRD said that modular construction will have a huge environmental impact, as buildings are responsible for 40% of energy consumption and 36% of CO2 emissions in Europe.

The EBRD loan is part of a PLN641m ($165.6m) arranged by Santander Bank Polska, mBank and PKO Bank Polski for refinancing the company’s recent leveraged buyout.

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Image: EBRD approves $287m loan to improve road network in Belarus. Photo: courtesy of European Bank for Reconstruction and Development.

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