Business news

MINSK, 9 October (BelTA) - The World Bank is planning to launch an advisory program for small and medium-sized business in 2018, World Bank Country Manager for Belarus Alex Kremer told BelTA.

The head of the WB office said that the World Bank works in a number of areas to help SMEs in Belarus. “With the financial support of the European Union we are launching the advisory program for small and medium-sized enterprises in 2018. The International Finance Corporation plans to invest directly in small and medium-sized enterprises to help them grow and modernize. We are also planning to advise the Belarusian government on improving the regulatory environment governing the private sector,” he said.

According to Alex Kremer, in the near future the Development Bank of Belarus will open the credit line for small and medium-sized companies using the WB resources. The World Bank has provided some $60 million for these purposes.

“Small and medium-sized companies are a so-called economic driving force. Small and medium-sized businesses can develop innovations and increase labor productivity. In my opinion, it will be small and medium-sized enterprises that will offer well-paying jobs to Belarusians in the first place,” said the World Bank country manager for Belarus.