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15 Apr 2019

Belarusian Belinvestbank to float green bonds

MINSK, 15 April (BelTA) – Belinvestbank intends to float green bonds in order to raise money for projects relating to renewable energy, energy efficiency improvement, environmentally friendly transportation or low-carbon economy, BelTA learned from Belinvestbank Chairman of the Board Andrei Brishtelev.

The Belinvestbank chairman of the board said: “The bank will be the issuer of green bonds. We have to decide on the volume of the emission. We are now evaluating the portfolio of green projects. They are expected to be rather long-term.”

Individuals and corporations will be able to buy the bonds. “Our readiness to invest in green economy will depend on demand and supply,” Andrei Brishtelev said. The bonds will be primarily nominated in Belarusian rubles except when it is necessary to import equipment and technologies in order to reduce forex risks.

The share of green projects in Belinvestbank’s portfolio is close to 10% now. The share is expected to grow considerably over the period of seven years in the course of implementing the program on transforming the bank into Ecobank.

The main aspects of the program to transform Belinvestbank into Ecobank will be part of the next development strategy starting 2021. The bank will continue vigorously financing green projects. The largest implemented ones include the construction of a photovoltaic power plant in Kostyukovichi District, Mogilev Oblast and a compact hydropower plant in Slonim District. The bank has also helped build a wind farm in Vitebsk Oblast. Belinvestbank is the only credit and finance institution sitting on the coordinating board of the project designed to eliminate barriers standing in the way of wind energy development in Belarus.

The largest projects being implemented include the financing of construction of a waste recycling plant in Minsk and the reconstruction of the Minsk water and wastewater treatment plant of the Minsk city waterworks company Minskvodokanal. Belinvestbank also contributes to the creation and promotion of environmentally friendly cooling fluids. New branches of the Climate Smart Trade program are under consideration. Equipment and systems able to provide a favorable impact on the climate were mentioned. As much as €20 million has been appropriated as the credit line for implementing the projects.

According to Andrei Brishtelev, the transformation is supposed to bring about a financial ecosystem of partnership between the bank and its clients.

The public joint-stock company (OAO) Belinvestbank is one of the largest banks in Belarus. It has an expansive regional network and is one of the country’s largest issuers of bank cards.

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