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28 July 2021, 18:47

Belarus' Development Bank busy lending money to SMEs

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MINSK, 28 July (BelTA) – The Development Bank of Belarus financed more than 700 projects of small and medium-sized enterprises (SMEs) in H1 2021, BelTA learned from the bank.

The Development Bank continues implementing its program to provide financial support to SMEs. In H1 2021, under agreements with partner banks and leasing organizations, the Development Bank financed 737 projects. The total sum of the concluded loan agreements (financial leasing agreements) amounted to Br147.2 million. The total cost of projects financed using resources of the Development Bank came at Br170.7 million.

The bulk of the loans meant for SMEs in terms of the lending amount went to projects related to passenger and cargo transportation (33.1%), manufacturing of paper and cardboard, hosiery, plastic packaging, outerwear, and other products (28.9%), and the trade sector (18.7%). As far as the number of the funded projects is concerned, micro-businesses and self-employed entrepreneurs accounted for 68% of loan recipients.

Businesses from virtually all parts of Belarus took advantage of the lending program due to a broad network of partners. Most of the projects came from Brest Oblast and Grodno Oblast.

Since the program was launched, some 5,757 projects have been financed (as of 1 July 2021). The total sum of loan and financial leasing agreements made up Br959 million in equivalent. The total cost of the projects financed using resources of the Development Bank amounted to Br1,544.2 million in equivalent.

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