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3 Dec 2019

EBRD investment in Belarus can reach €400m in 2019

EBRD investment in Belarus can reach €400m in 2019

MINSK, 3 December (BelTA) – The investment of the European Bank for Reconstruction and Development (EBRD) in Belarus’ projects can reach record high €400 million in 2019, Belarus’ Prime Minister Sergei Rumas said as he met with EBRD First Vice President Jurgen Rigterink on 3 December, BelTA has learned.

“We emphasized many times that there was a record of €360 million [EBRD's project portfolio in Belarus] in 2018. The preliminary estimates for 2019 show that we may reach €400 million,” Sergei Rumas said.

The parties plan to sign a loan agreement to finance the reconstruction of M3 road and 12 bridges. “This is a landmark project in our loan portfolio to the total tune of €259 million. This is the biggest project we have ever implemented in cooperation with international financial organizations,” the prime minister said.

The parties also discussed progress made in the implementation of the earlier signed projects (related to the Minsk sewage treatment plant, a solid waste landfill in Pukhovichi, and an iron removal station in Vitebsk Oblast). “We have accelerated work on the appropriate draft documents. They will be submitted to the head of state for consideration in the near future,” Sergei Rumas said. The documents are not only to approve the loan agreements but also to describe mechanisms to implement the investment projects, including tax exemption. This required more time for their coordination. In the future we will undertake measures to reduce time on the preparation of such documents,” the Belarusian head of government said.

The EBRD is an international bank, which facilitates the development of the private sector and entrepreneurship initiative. The EBRD shareholders include 69 countries, the European Union, and the European Investment Bank. Since the start of its operations in Belarus in 1992, the EBRD has invested almost €2.7 billion in 119 projects in various sectors of the country’s economy.

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