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EBRD to lend €50m to replenish Belinvestbank's capital

Economy 13.09.2017 | 18:28

MINSK, 13 September (BelTA) – The European Bank for Reconstruction and Development (EBRD) will allocate €50 million as a subordinate loan to replenish the capital of OAO Belinvestbank, BelTA learned from EBRD President Suma Chakrabarti on 13 September.

Last week the EBRD management approved lending €50 million to the Belarusian government for the sake of reassigning the money as a subordinate loan to Belinvestbank with consequent conversion into the bank's capital.

Suma Chakrabarti reminded that the memorandum of understanding for the purpose of Belinvestbank's pre-privatization preparation was signed during his previous visit to Belarus in 2015. “We had a meeting at Belinvestbank today. It was very productive. I was informed about progress and the changes secured as part of the institutional development program of the bank. We remain true to our commitments to get the bank ready for privatization,” he stated.

In May 2015 Belarus and the EBRD signed an agreement on privatizing Belinvestbank. The signed memorandum expects the government to sell a controlling interest in Belinvestbank by 2020. The EBRD acts as a consultant in the course of preparing the bank for privatization.

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