MINSK, 27 September (BelTA) – The Belarusian bank Belinvestbank and the European Bank for Reconstruction and Development (EBRD) have signed an €8 million credit agreement as part of the Belarus Sustainable Energy Finance Facility (BelSEFF), BelTA has learned.
Belinvestbank will tap into BelSEFF resources to finance projects focusing on energy effectiveness and renewable energy sources all over the country. The money will be sufficient to support local small and medium private enterprises as well as several state-run enterprises.
Belinvestbank will also enjoy access to a free technical aid package within the framework of the BelSEFF credit line. The technical aid will be paid for with a grant from the Czech Finance Ministry.
Belinvestbank Chairman of the Board Gennady Sysoyev noted: “We highly appreciate results of our cooperation with the European Bank for Reconstruction and Development. At present thanks to the EBRD's assistance active processes in Belinvestbank are in full swing. Once they are over, maximum commercialization of the bank's operation will be secured. We are successfully implementing an action plan to diversify the credit portfolio and increase the effectiveness of the bank's operations.” In his words, Belinvestbank has spent a considerable part of the credit resources provided as part of the program on financing micro, small, and medium enterprises as well as the trade facilitation program within the framework of the agreements signed with the EBRD in May 2015.
The public joint-stock company (OAO) Belinvestbank is one of the largest state-run banks in Belarus. Its operations are aimed at implementing the government's major monetary management guidelines, facilitating international economic cooperation, and providing a wide range of banking services to clients. Belinvestbank has about 150 structural divisions and a representative office in Poland.
The European Bank for Reconstruction and Development (EBRD) was created in 1991. The EBRD invests in projects meant to foster transition to an open market economy and projects designed to develop private business and entrepreneurship. The bank operates in the interests of all the 65 shareholder countries as well as the European Union and the European Investment Bank.
