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DBRB, EBRD sign memorandum of understanding

Economy 15.03.2017 | 14:09

MINSK, 15 March (BelTA) – The Development Bank of the Republic of Belarus (DBRB) and the European Bank for Reconstruction and Development (EBRD) signed a memorandum of understanding, BelTA learned from the DBRB's website.

The Belarusian Development Bank became the first state financial institution in the country to sign such a document with the EBRD. The memorandum aims to define strategic areas of cooperation between the DBRB and the EBRD. The parties intend to develop mechanisms in order to support small, medium-sized and big enterprises; private sector, in particular the companies that have the potential to increase exports; define the framework of actions to engage private sector in infrastructure projects and promote the domestic capital market, support local private SMEs, improve public infrastructure services, promote know-hows, carry out preparations for privatization, etc.

“We believe that synergy of cooperation between will enable the DBRB and the EBRD to achieve very high results in promoting business initiative and entrepreneurship, implementing modern technologies and initiatives and raising the efficiency of joint projects,” DBRB Chairman of the Board Sergei Rumas said.

First Vice President of the EBRD Philip Bennett pointed out that the singing of the memorandum is an important move towards the promotion of Belarus' private sector and commercialization of the economy, including through the involvement of public financial institutions in this process.

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