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05 January 2023, 10:12

Belarus' Development Bank finances 1,250 SME projects worth over Br357m in 2022

MINSK, 5 January (BelTA) – In 2022 the Development Bank of the Republic of Belarus (DBRB) financed 1,250 projects of small and medium enterprises (SME) to the tune of over Br357 million, the DBRB press service told BelTA.

The realization of the bank's own program on financial support for small and medium enterprises was one of the key peculiarities of the bank's work in 2022. The program provides for loans and financial leasing to help implement projects at various stages of business development.

The number of projects that receive the Development Bank's support grows higher year after year. 2022 was no exception. The bank financed 1,250 projects of small and medium enterprises from various branches of the economy to the tune of Br357.8 million, 244 projects up from 2021.

In 2022 the most popular products included loans granted for import substitution and export promotion purposes. As part of the Stabilization product, which the Development Bank launched in May 2022, funding was granted to 325 projects worth Br98.7 million. As part of the Import Substitution and Export Promotion products the bank financed 317 projects to the tune of over Br138.2 million.

In order to make the Development Bank's financial tools available in every part of the country, support to small and medium enterprises was offered via partner banks and leasing organizations. At present the partner network includes 16 banks and six leasing organizations with experience of working with small and medium enterprises.

The public joint-stock company (OAO) Development Bank of the Republic of Belarus is a specialized financial institution, which was established in 2011. The founders are the Council of Ministers and the National Bank of the Republic of Belarus (NBRB). The bank's main goals include the financing of long-term and capital-intensive investment projects in the course of realization of government programs and measures. Apart from that, the bank provides credit support to Belarusian exporters and contributes to the small and medium business development program.

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