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04 April 2024, 16:49

Belarus’ Development Bank chief: We should uphold business initiatives

MINSK, 4 April (BelTA) – A key mission of the Development Bank of the Republic of Belarus is to uphold business initiatives coming from businesses, regions, and the real sector of the economy, Sergei Stolyarchuk, the newly appointed Chairman of the Board of the Development Bank, told reporters on 4 April, BelTA has learned.

“The Development Bank issues 40% of the country’s all long-term loans in Belarusian rubles. They are primarily designed to support the real sector of the economy, exports, small and medium-sized businesses,” he noted.

“In recent years, two subsidiaries have been created - the Agency of Foreign Trade Activities and the Service and Reengineering Agency,” said the chairman. “These are two new areas of work for the bank. One of them deals with the automation and digitalization of government procedures, the digitalization of healthcare, including price monitoring. The other one (the Agency of Foreign Trade Activities) helps promote Belarusian goods to distant markets, including far-arc countries.”

Sergei Stolyarchuk remarked: “We in no way compete with commercial banks, we complement them as we give a boost to certain industries that can generate a good effect in the future, in some 5, 10 years. This is our mission. Commercial banks are engaged in classic lending operations. They support enterprises and industries day by day.”

“As for long-term, capital-intensive and risk-prone projects, they are dealt with by the Development Bank. We must bolster those business initiatives that come from businesses, regions, the real sector of the economy. That is what we need to do today, we should not postpone this work until later,” he emphasized.
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