News & Events in Belarus
World Bank seeks closer partnership with Belarus
MINSK, 18 March (BelTA) – The World Bank has expanded the scope of financial support for Belarus and hopes for a closer cooperation with our country, World Bank Vice President for Europe and Central Asia Philippe Le Houerou said as he met with Prime Minister of Belarus Sergei Sidorsky on 18 March, BelTA has learnt.
“We have expanded the scope of financial support for Belarus and hope to continue in the same way,” Philippe Le Houerou said.
“Partnerships are based on trust. Belarus and the World Bank have been partners for over ten years already. We are very happy about the results we have achieved and hope that in the forthcoming decade our cooperation will get even stronger,” the WB Vice President said.
Philippe Le Houerou hailed the breakthrough in the economic development of Belarus over the last decade. “The economic growth in Belarus resembles that of China, rather than that of Europe, you managed to considerably reduce the poverty level in the country,” he said. Talking about the cooperation experience between Belarus and the World Bank, Philippe Le Houerou said, “I see that our joint projects are really working in Belarus. This is a testimony to the efficient state administration, which, in turn, is essential for the advancement of the private sector.”
During his visit to Belarus, the World Bank Vice President would like to explore how Belarus managed to reach such a level of economic development. In his view, other countries might find Belarus’ experience very useful.
Another important area where Belarus has considerably advanced is raising energy-efficiency in the country. This is a burning issue for Europe and Central Asia. For instance, in Russia the energy conservation potential equals energy consumption in France. “Belarus is in the vanguard in this field. We are glad that we are on your side and support Belarus with the relevant energy-conservation program,” Philippe Le Houerou said.
He welcomed the adoption of the economic development strategy in Belarus. “We might be able to help you reach the goals you have set,” the World Bank Vice President added.
The World Bank experts, members of the government and ministries of Belarus will take part in the seminar in Minsk on 18 March. “At the seminar we will discuss ways to restore the high economic growth rate Belarus demonstrated in the last decade,” Philippe Le Houerou said.
Belarus joined the World Bank in 1992. Since then, the Bank’s lending commitments to Belarus totaled $643 million for nine projects; about thirty national programs received grant financing totaling $18 million. Belarus is currently using World Bank to implement four infrastructure projects.
The revised World Bank-Belarus Cooperation Strategy for 2008-2011 was endorsed in the late 2009. The document provides for an increase of the WB annual financial support to Belarus from $100 million to $250 million in 2010-2011. The move will help intensify the joint work on the mutually beneficial projects.
Belarus received a WB $200-million DPL loan in December 2009.
BelTA informed earlier, in 2011 the World Bank may issue another DPL of $100 million provided Belarus makes progress in structural reforms. Yet, the final size of the loan will depend on the World Bank’s general lending potential.
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