Recent legal & business developments in Belarus, September 2011
1. Since September 14, the refinancing rate has been raised up to 30% per annum. The head of the National Bank of the Republic of Belarus Nadezhda Ermakova said that in the near future the next refinancing rate increase is not excluded. It would depend on the level of inflation.
2. Australian company Muzz Buzz Franchising Ltd. would open in Minsk a net of coffee shops. Volume of investments in the project is $ 5.5 million.
Executive Chairman of the Board of Directors and largest shareholder, Warren Reynolds, said that the company's business is focused not just on the formation of retail points of sale, but also on the creation of related businesses that support these retail points. In the near future the company intends to create in Belarus an enterprise to distribute coffee.
3. Chinese investors will take part in privatization of Belarusian companies. A corresponding agreement was signed in Minsk by the Minister of Economy of the Republic of Belarus Nikolai Snopkov and the President of Eximbank of China Li Zhogu.
In addition, the General Manager of China National Engineering Corporation Sinomach Xu Jian and the Ministry of Economy have signed the framework agreement on cooperation regarding privatization of Belarusian companies.
Following the meeting, the cooperation agreement on the investment project of the Chinese-Belarusian industrial park on the territory of Belarus was signed.
Also, agreements between the governments on the technical and economic cooperation, the framework agreement between the Government of Belarus and the State Development Bank of China on the intention to finance the investment project of technical re-equipment of the branch "Dobrush Paper Mill", on the financing of investment project on construction of plant for soda ash production in Mozyr district of the Gomel region, on the financing of the project construction of water power plant in Vitebsk on the river Western Dvina were signed.
State Military Industrial Committee of Belarus and China Industrial Corporation “Great Wall” have signed a contract to create a national system of satellite communication and broadcasting in Belarus.
4. Chinese ZTE will participate in the creation of the Belarusian intellectual system of logistics flows monitoring. The project is aimed at tracking and monitoring of national strategic products such as food, drugs, alcohol, goods subjected to custom registration, to improve logistics management of products and transport flows on the basis of modern information and communication technologies.
ZTE will provide together with the Belarusian organizations designing and construction of the objects turnkey, as well as the supply of necessary equipment and technical support for the project.
5. Construction of the first plant in Belarus for the production of environmentally friendly personal care products is launched in the FEZ "Mogilev". Initiator of the project is a resident of FEZ "Mogilev" foreign company "BelEmsa", which invests in it more than 4 million Euros and its own and credit funds. Preparation works are carried out on site, it is planned to scaffold the main production buildings and begin installation of equipment till the end of the year.
It will be the first modern production of disposable diapers for children and adults in
6. The tender for sale of state stocks of OJSC “
"Charm Premier" should purchase new equipment for the factory in the amount equivalent to not less than $ 1 million in two years. In addition, profile of the factory and its specialization in the production of children's clothing should be preserved within five years.
7. By the end of
Participants of the holding would receive a number of tax benefits and would participate in the formation and use of the innovation fund of the Ministry of Industry. Herewith 12 OJSC would transfer their social assets to the municipal property.
