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24 Apr 2019

Belarusian Trade Ministry, International Finance Corporation sign cooperation agreement

Belarusian Trade Ministry, International Finance Corporation sign cooperation agreement
Photos courtesy of the Antimonopoly Regulation and Trade Ministry

MINSK, 24 April (BelTA) – The Belarusian Antimonopoly Regulation and Trade Ministry and the International Finance Corporation (IFC) have signed a cooperation agreement, representatives of the ministry told BelTA.

Development and implementation of a program to encourage the development of competition in Belarus as well as roadmaps to encourage competition in certain branches of the national economy are described as a strategic direction in cooperation between the Antimonopoly Regulation and Trade Ministry and the IFC. The program is supposed to form and develop a competitive environment, attract investments, which in the end will give an additional stimulus to the stable development of the Belarusian economy in the long term.

Apart from that, the agreement approves an action plan, which provides for preparing data and calculating Belarus’ competition status index in key industries. The document also provides for putting efforts into improving antimonopoly legislation taking into account international experience. Recommendations on improving industry-wise legislation will be prepared. Methods to evaluate the effect of regulatory acts on competition conditions will be worked out. Educational events in the area of competition and antimonopoly regulation will be arranged for a broad spectrum of students.

The agreement will expire on 31 December 2021.

The International Finance Corporation (IFC) is part of the World Bank Group. The IFC is a major global development institution focusing on supporting the private sector in countries with a developing market. So far the IFC has made $760 million available as part of its investment operations in Belarus. The IFC also offers consultations to the Belarusian government, government agencies and organizations, the private sector on matters concerning the improvement of the investment climate, the improvement of the business environment, and the development of the private sector.

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