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16 Mar 2020

EBRD to help clients in Belarus due to coronavirus situation

EBRD to help clients in Belarus due to coronavirus situation
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MINSK, 16 March (BelTA) – The European Bank for Reconstruction and Development (EBRD) will help clients in countries the bank operates in deal with the impact of the coronavirus pandemic, including companies in Belarus, BelTA learned from the EBRD press service.

On 13 March the EBRD Board of Directors authorized the allocation of emergency aid to the tune of €1 billion to the countries the bank works in. The bank stands ready to do more if and when needed, the press service said.

“Our Solidarity Package demonstrates readiness to do the same amount of business and to promptly and decisively respond to possible changes of the existing situation. To achieve these goals, the bank will rely on its considerable charter capital and recent successful operating results. The EBRD has all the tools and resources at its disposal to help clients and countries across its regions,” the press service noted.

The decision to support Belarus was made on Friday evening, the EBRD specified, this is why it is too early to talk about specific projects and figures. “Yes, we will support clients in Belarus. Only clients because systemic assistance to the state is a prerogative of other organizations. Taking into account the volume of projects in the public sector, we will also consider proposals relating to them,” the bank said.

Asked about short-term and long-term economic consequences of the coronavirus situation, the EBRD noted that it is very difficult to make final conclusions judging from the dynamics of events. “Macroeconomic parameters of the EBRD’s regions of operations will be revised but as opposed to the financial crisis of 2008 it will be possible to talk about further economic growth only once the threat of the virus recedes,” the EBRD believes.

The EBRD is a multilateral bank fostering the development of the private sector and entrepreneurship initiatives in 38 economies on three continents. The bank’s shareholders are 69 countries as well as the European Union and the European Investment Bank (EIB). Since the EBRD began working in Belarus in 1992, the bank has invested nearly €2.9 billion in 130 projects in various branches of the national economy.

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