Events

17 Jun 2021

MPs ratify Framework Agreement between Belarus, OPEC Fund

MINSK, 17 June (BelTA) - MPs passed the bill "On ratification of the Framework Agreement between Belarus and the OPEC Fund for International Development" at a meeting of the fifth session of the House of Representatives of the National Assembly of Belarus of the seventh convocation, BelTA has learned.

The bill was submitted to the House of Representatives by the Council of Ministers on 24 May 2021. "The Framework Agreement between Belarus and the OPEC Fund for International Development was signed on 13 February of this year," said Aleksandr Mashkarov, a member of the Standing Commission on Economic Policy. "For us, this bill is really important."

This document consolidates the mechanisms of cooperation between Belarus and the OPEC Fund and its investment activities in Belarus. The bill signifies Belarus' consent to the binding nature of the framework agreement for it and its entry into force.

“The bill consolidates the mechanism of interaction between our country and the fund. It will create a legal framework for the activities of the OPEC Fund for International Development in our country. It will provide an opportunity for the implementation of projects that will contribute to social and economic development of our country,” the MP said.

The OPEC Fund for International Development is an international financial institution established in 1976 by the member countries of the Organization of the Petroleum Exporting Countries (OPEC). It operates in 135 countries through funding and grants to support vital projects consistent with the UN's Sustainable Development Goals.

As of 31 December 2020, the OPEC Fund approved about 4,000 projects, and allocated $1 billion to finance post-COVID recovery in developing countries.

On 24 December 2020, Belarus signed a $20 million loan agreement with the OPEC Fund to finance health measures (Public Healthcare Emergency Response Program, Phase I).