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Family capital spending in Belarus in 2017 explained

Economy 29.12.2017 | 15:06
Sergei Rumas. An archive photo
Sergei Rumas. An archive photo

MINSK, 29 December (BelTA) – Chairman of the Board of the Development Bank of the Republic of Belarus (DBRB) Sergei Rumas told media how family capital was distributed in 2017, BelTA has learned.

According to the source, family capital was used to finance the construction of the second runway in the Minsk National Airport, the construction of the Minsk-Myadel and Minsk-Mikashevichi motorways. Family capital was also used to buy aircraft for the Belarusian air carrier Belavia. “Apart from that, we invested the money in the corporate stock of Belarusian Railways and the stock of commercial entities such as [the apparel manufacturer] Conte Spa and Turov Dairy Industrial Complex,” said the head of the Development Bank of the Republic of Belarus.

Sergei Rumas noted it was still too early to talk about what projects will be financed in 2018 at the expense of family capital. “The credit committee makes such decisions after a very complicated procedure. But there will be such projects next year because we follow the same financial model the presidential decree specifies. We have to invest family capital in recoupable projects,” Sergei Rumas noted.

Family capital was introduced on 1 January 2015 as long-term support for large families as part of the government program on the nation's health and demographic security. Family capital is provided as a cashless transfer of $10,000 for giving birth or adopting the third child or children after the third one. As many as 11,582 deposit accounts were opened in 2015, with 18,983 accounts opened in 2016.

The program on supporting large families is designed to run for five years — from 1 January 2015 through 31 December 2019. Families can use the money in full or part by part in cashless forms in order to improve their living conditions, buy education services, social services, healthcare services, give additional pensions to the mother (stepmother) in a two-parent family or the parent in a single-parent family.

Before family capital is used, the Development Bank of the Republic of Belarus takes care of the money.

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