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6 Feb 2020

Hopes to see Belarus among EBRD's top 5 partners

Hopes to see Belarus among EBRD's top 5 partners
Suma Chakrabarti

MINSK, 6 February (BelTA) – I hope that in a few years Belarus will make it into the bank's top five partners, President of the European Bank for Reconstruction and Development (EBRD) Suma Chakrabarti said as he met with Belarus President Aleksandr Lukashenko on 6 February, BelTA has learned.

“Since out first meeting in 2015, the bank has invested a lot in the infrastructure and different strategies in Belarus. We have really done a lot. Over the past three years we have invested about €1 billion, which made Belarus the ninth biggest country the bank cooperates with. We hope our cooperation will continue and Belarus will make it into the top five partnering states within the next several years,”  Suma Chakrabarti said.

In his words, Belarus’ image worldwide has recently changed for the better. “It is becoming more and more positive in the eyes of our shareholders. The work that the bank conducts here contributes to it. The credit for this also goes largely to the country’s authorities and the fact that Belarus is working on establishing relations with the European Union. The visit of the Belarusian president to Austria, cooperation and work with the United States of America have played a big role here,” Suma Chakrabarti said.

Suma Chakrabarti took over as the President of the EBRD in 2012 and was elected for a second four-year term in 2016. As he has no plans to be re-elected again, his term expires in July 2020.

Chief of Belarus Resident Office Alexander Pivovarsky is leaving office in March 2020. He has held this position since 2016. He will be replaced by Marina Petrov who served as a Deputy Head of Ukraine.

Belarus has been a member of the EBRD since 1992 and owns 6002 shares (0.2% of the total). From 1992 to 2019 the EBRD has invested about €2.9 billion in the Belarusian economy.

In 2019 the EBRD set a new record in its operation in Belarus: the bank invested over $433 million (€390 million) beating the 2018 record of €360 million. This placed Belarus ninth among the countries in terms of annual volume of EBRD operations in 2019. Egypt, Ukraine and Turkey received the most financial assistance from the bank.

The EBRD’s total annual investments in 2019 reached the record-high €10.1 billion which were used to support 452 projects (€9.5 billion in 2018).

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