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Belarus state to contribute $2.5 million to biotech corporation's statutory fund

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Photo: Vadzim Zamirouski, TUT.BY

The Finance Ministry of Belarus will contribute slightly over BYN5 million ($2.5 million) into the statutory fund of ZAO Belarusian National Bio-technological Corporation (BNBTC). The money will be wired from the country's centralized innovation fund, according to the Council of Ministers' Resolution No 661 dated 12 September signed by Prime Minister Siarhei Rumas.

 Belarus owns 25% of the corporation's authorized capital. The contribution will allow the state to retain its share. 

BNBTC is one of the biggest projects in the recent years, according to TUT.by. The company will specialize in the production of essential amino acids. The total investments into this project amounts to nearly $700 million. The corporation's authorized capital currently stands at $10 million but will be increased up to $20 million until the end of this year, and up to $35 million in 2019.

Unofficial reports suggest the former Kyrgystan leaders may be behind the foreign companies that hold 45% in the corporation. The list of foreign shareholders includes two Scotland-based companies - Maxforce LP and Altastar LP and two UAE-based companies - Al Salaam Biotech Investments Ltd. and Al Ziad Agro Investments Ltd.

The construction of the plant began in July. The plan is to comission three key components of the production in three years.