Business news

MINSK, 11 May (BelTA) - A delegation of representatives of the Board of Executive Directors of the World Bank Group is visiting Belarus, BelTA learned from the press service of the Economy Ministry.

The visit is dedicated to the launch of the 2018-2022 Country Partnership Framework (CPF) for the Republic of Belarus which the Board of Executive Directors approved on 3 April 2018.

The CPF developed by the World Bank in close cooperation with the Belarusian government dovetails well with Belarus’ social and economic development priorities in 2016-2020 and with the government program of action for 2016-2020.

The World Bank Group's activities will be aimed at supporting the government's efforts to improve the environment for private sector development and the efficiency of public investment, to maintain a high level of human potential of the country, strengthen the contribution of infrastructure to economic growth and human development complemented by interdisciplinary thematic objectives to improve the environmental sustainability, climate change management and use of feedback mechanisms on the impact to ensure coordination in decision-making and cooperation of the public and private sectors.

Activities implemented as part of the CPF will contribute to the achievement of the goals and objectives enshrined in the 2016-2020 state programs: Small and Medium Entrepreneurship in the Republic of Belarus, People's Health and Demographic Security of the Republic of Belarus; Education and Youth Policy; Comfortable Accommodation and Supportive Environment; Energy Saving; Belarusian Forests.

The loan program of the International Bank for Reconstruction and Development (World Bank) is estimated at approximately $570 million in the 2018-2022 fiscal years.

The amount of the loan program of the International Finance Corporation (IFC) is estimated at $90 million-$120 million in the 2018-2022 fiscal years. The IFC lending volumes will be determined by the degree of development of the private sector and requested guarantees on foreign direct investment of the Multilateral Investment Guarantee Agency.

On 10 May the delegation of the Board of Executive Directors of the World Bank Group met with Belarus Prime Minister Andrei Kobyakov. The meeting was attended by Economy Minister Vladimir Zinovsky.

The delegation is set to visit the facilities in Minsk Oblast and Mogilev Oblast which are included in the projects in energy efficiency and housing and utilities services funded by the World Bank.

On 12 May, the delegation will visit the National Breeding and Seed Production Center in Minsk Oblast.