Projects
Government Bodies
Flag Thursday, 28 March 2024
All news
All news
Economy
18 February 2020, 12:59

Belarus' Development Bank expands long-term loan portfolio by 8% in 2019

MINSK, 18 February (BelTA) – The Development Bank of Belarus increased its long-term loan portfolio by 8% in 2019, Chairman of the Board of the bank Andrei Zhishkevich told a press conference on 18 February, BelTA has learned.

“The Development Bank will independently decide on the projects to finance. All in all, in 2019 the bank expanded its long-term loan portfolio by 8% and provided investment loans worth Br1.449 billion in equivalent. The funds were mostly used for the purchase of machinery for leasing (Br565 million), construction, renovation and repairs of automobile roads and transport infrastructure (Br261 million), construction of the runway at Minsk National Airport and upgrade of the airfield in Orsha (Br76 million).

Gross export loans amounted to Br819 million in 2019 and Br660 million in 2018. All in all, over the past four years, Br2.1 billion was earmarked to finance exports.

Speaking about new tasks the Development Bank will take on in line with Decree No.467, Andrei Zhishkevich recalled that they include the provision of loans to finance public-private partnerships, to provide support to small and medium-sized enterprises not only for investment purposes but also to replenish floating capital and to finance self-selected projects. Such projects will include those that are highly capital-intensive, have long payback periods and have not received funding from commercial banks due to the banks' restrictions on the size of capital and long-term resources.

“Acquisition of assets, which we have been doing at the initial stage in the last few years, shall no longer be our job. As part of the current adjustment of our objectives, Decree No.467 stipulates that the Development Bank shall no longer be working on acquisition of assets. Another new challenge is the management of the family capital program,” he said. In addition, the decree provides for the reduction of the minimum amount of an export loan provided by the Development Bank from $1 million to $200,000.

Andrei Zhishkevich added that the bank is working to expand the range of non-financial services within the framework of educational products, and continues the cycle of consulting activities.

Subscribe to us
Twitter
Recent news from Belarus