MINSK, 8 October (BelTA) – The Association of Belarusian Banks (ABB) and the International Finance Corporation (IFC) have signed a cooperation agreement. The agreement provides for a consulting project on secured transactions and the registry of pledged movable property. The document was signed by ABB Chairman Aleksandr Kuchinsky and head of the IFC representative office in Belarus Olga Shcherbina, BelTA has learned.
The project will be implemented in line with the IFC consulting program and is designed to improve procedures of secured transactions in Belarus and develop the registry of pledged movable property. The program of activities includes preparing legal regulations and holding trainings and seminars for representatives of the banking sector who work with secured transactions and the registry.
“The project aims to improve access to finance for small and medium-sized businesses (SMEs) in Belarus by improving the legal and institutional framework for secured transactions,” Aleksandr Kuchinsky noted.
The Association of Belarusian Banks was established in 1990 to coordinate the activities of financial institutions. Currently it unites 36 banks and organizations. The association is one of the founders and a member of the International Coordinating Council of Banking Associations in the CIS, Central and Eastern Europe.
The International Finance Corporation is a member of the World Bank Group, a global institution which focuses on supporting the private sector in countries with a developing market. In Belarus, the IFC consults government agencies and organizations and the private sector in order to improve the country's investment climate and business environment, and develop the private sector.More about Economy