Business news

MINSK, 9 April (BelTA) – In 2018-2022 the World Bank will channel about $570 million into financing projects in Belarus, BelTA learned from Alex Kremer, World Bank Country Manager for Belarus, during the presentation of the World Bank Group’s framework partnership strategy for Belarus for the 2018-2022 period on 9 April.

Alex Kremer said: “We expect that the World Bank will allocate some $570 million from 1 July 2018 through 31 June 2022. The figure may be above or below that depending on various aspects and events.”

The main targets for the World Bank’s financing include private sector growth, increasing the effectiveness of the state sector, and modernizing social services.

Alex Kremer noted that the World Bank is satisfied with the progress of implementation of current projects in Belarus. “Belarus is one of the more effective countries with regard to project implementation in its region,” he believes.

Irina Oleinik, the World Bank’s specialist on programs in Belarus, reminded that in the course of implementing the previous strategy the World Bank virtually doubled the volume of funding — from $457 million to nearly $1 billion — as the implementation of projects in new areas began.

Among other things the new strategy for the 2018-2022 period provides for financing the modernization of the state finance management system, providing additional funding for the project to modernize the education system, allocating funds for projects meant to bolster the higher education system, raise the effectiveness and quality of housing and municipal services, and improve the stability of the power engineering sector.