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12 Sep 2018

EBRD invited to buy stock in Belarusian Belinvestbank by year end

MINSK, 12 September (BelTA) – The Belarusian government expects that the European Bank for Reconstruction and Development will become a shareholder in Belinvestbank by the end of the year. The statement was made by Deputy Prime Minister of Belarus Vladimir Kukharev as he met with a delegation of the EBRD Board of Directors on 12 September, BelTA has learned.

The EBRD assists with the work meant to improve the management of the public sector, in particular, pre-privatization support for companies in the financial and real sectors of the Belarusian economy.

Vladimir Kukharev said: “One of Belarus’ top state-run banks – Belinvestbank – is the largest project. We hope the EBRD will become its shareholder this year. Belarus’ readiness and openness for cooperation on this matter confirms our special trust in the EBRD.”

The deputy prime minister noted that Belarus works vigorously with the EBRD, the World Bank, and the IMF. The government takes into account recommendations of international organizations in implementing the economic policy and the allocated resources are channeled into significant projects.

In his words, two years after the European Bank for Reconstruction and Development started implementing a new strategy for Belarus one can say that the bilateral cooperation has reached a brand new level. With the EBRD’s assistance Belarus works to enable equal competitive economic conditions, implement pilot projects in the sphere of corporate management, raise foreign investments for the banking sector, and modernize the infrastructure.

The development of the private sector and support for small and medium private companies represent some of the core avenues of Belarus’ cooperation with the EBRD. “I believe that as a private business lending institution the EBRD will be able to find attractive areas of work in the private sector, significantly increasing its portfolio in Belarus,” said Vladimir Kukharev.

Belarus also counts on the EBRD’s continued support for modernizing the transport infrastructure and the housing and utilities infrastructure. Thanks to the EBRD’s financial resources projects are being implemented in Belarus in the area of water supply and wastewater disposal. New projects relating to the thermal rehabilitation of the housing stock and solid waste recycling are being discussed.

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