Purpose loans for purchase of electric vehicles to be available in Belarus

It will be possible to purchase an electro-car on purpose loan due to the Resolution of the Council of Ministers of the Republic of Belarus No. 162 of February 27, 2017, which supported a proposal of the Nordic Environment Finance Corporation (NEFCO). As a result of this document, it was decided to allocate funds in the amount of EUR 1 million for the purchase of electric vehicles and charging stations.

For reference only: The NEFCO Corporation was established in 1990 by Norway, Denmark, Finland, Iceland and Sweden. This corporation provides financial support for significant projects in the field of ecology in Central and Eastern European countries. The activities of the corporation are coordinated by its headquarters, which is situated in Helsinki (Finland). A priority is placed on the directions, which are economically sound, and the implementation of which reduces greenhouse gas emissions into the atmosphere, improves the condition of the Baltic Sea and reduces general toxic pollution of the environment. The corporation has currently launched about 400 small and medium projects on various subjects.

The development of electric transport is stimulated by a set of ways in Europe: from direct subsidization to full exemption from transport tax. Due to all these solutions, the purchase of an own electric vehicle becomes profitable, and consequently the number of electric vehicles is constantly increasing. As an example, one may consider the policy of Norway in the field of electric transport, due to which 50,000 electric vehicles have been purchased for 3 years, which have amounted to almost a quarter of the total vehicle fleet of Norway (the data is valid as of April 2015).

And in Belarus only a couple of dozen of electric vehicles are currently being operated, there are 7 charging stations for public use, as well as 7 stations are privately owned.

In partnership with NEFCO a program of the development of electric transport in Belarus has been worked out, making loans available for the purchase of electric vehicles and equipment for their charging by citizens. The funds allocated to Belarusky Narodny Bank (BNB-bank) also extend to the purchase of “hybrid” cars and stations for charging them. You can learn more details about the terms of loans at the bank’s website (according to preliminary data, the annual interest rate will be approximately 7%). However, it should be noted that there are certain engineering constraints with hybrid cars. Currently a hybrid car, which can be purchased on the purpose loan, implies the supply both by storage batteries and an internal combustion engine, with a prerequisite that the vehicle is equipped with a connector for charging from an external source.

For example, the popular to date Toyota Prius hybrid car of the1st and 2nd generation cannot be purchased on this loan (since 2012, a Plug-in configuration is offered for Toyota Prius, wherein standard storage batteries have been replaced with more capacious and a connector for external charging has appeared). On the contrary, it is possible to purchase such models of hybrids as Opel Ampera and     BMW i3 due to the purpose loan.

The creation of “hybrids” by automakers has been caused by certain shortcomings in electric vehicles. Despite a low mileage from storage batteries, hybrid cars lack the shortcomings of their all-electric counterparts due to the ability to charge batteries directly while moving, using an internal combustion engine.

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