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30 Aug 2018

EBRD working towards financing new projects in Belarusian rubles

MINSK, 30 August (BelTA) – The European Bank for Reconstruction and Development (EBRD) is working towards financing new projects in Belarusian rubles, BelTA learned from Alexander Pavlov, Head of the EBRD Financial Institutions Sector in Ukraine, Moldova, and Belarus, on 30 August.

Alexander Pavlov said: “Today we estimate economic and macroeconomic potential risks as acceptable. They allow us to invest in the Belarusian economy. We are working hard on the list of potential projects we are going to finance in the local currency. Those are projects in finance and non-finance sectors. For now we have the ability to raise additional funds in the local currency and provide financing.”

Alexander Pavlov stressed that the EBRD has great plans regarding business development in Belarus and a further increase in investments in the country’s economy.

The European Bank for Reconstruction and Development (EBRD) signed agreements with MTBank and BNB Bank on 30 August to provide the first loans in Belarusian rubles. Each bank will receive Br20 million. The money will be channeled into financing micro, small and medium businesses. The Belarusian government and the EBRD signed a memorandum of understanding in September 2017 to promote loans in the local currency and reinforce the domestic capital markets. The memorandum confirms the EBRD’s commitment to providing affordable loans to Belarusian banks, microfinance organizations, and small companies in the national currency as part of the EBRD’s program. The program has been created to minimize vulnerabilities of companies in the countries the EBRD operates in with regard to volatile currency exchange rates.

Belarus has been a member of the European Bank for Reconstruction and Development since 1992. Since it started working in Belarus, the EBRD has invested over €2 billion in 95 projects in various branches of the national economy.

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