10 March 2021

[We] are writing to you regarding your recent loan of 101 mil. euros to Belarusian governmentally-held entities “Minskenergo” and “TEC-5”. As it is stated on the website of Eurasian Bank of development they are planning to borrow 101 mln euros to aforementioned entities. Your company KfW IPEX Bank played a major role in raising funds for this loan...

We would like to inform you that any financial institutes involved in relationships with the regime are at risk to get into violation of ESG policies, work against their reputation, make business practices look at least questionable to stakeholders and put themselves into additional credit default risk... According to terms of this loan agreement, proceeds should be used to purchase Siemens equipment...

The "Minskenergo" and it’s subsidiary "TEC-5" are among a long list of factories that are continuously acting against internationally accepted labour rights. We have received a huge number of reports from employees who have suffered repressions... because of their active political position...