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26 September 2022, 14:46

Belarus' Development Bank finances 158 export-oriented, import-substituting projects

Development Bank. File photo
Development Bank. File photo

MINSK, 26 September (BelTA) – For the past four months, the Development Bank has financed 158 investment projects totaling more than Br50 million, BelTA learned from the bank's press service.

Since August 2014, the Development Bank has been successfully implementing a program of financial support for small and medium-sized businesses, gradually introducing additional tools. “In April of this year, we launched a new loan product - ‘Stabilization'. It targets export-oriented and import-substituting investment projects. It envisages an unprecedentedly low rate of 7.5% per annum in Belarusian rubles. Since the loan product was launched, the bank has financed 158 investment projects to the tune of more than Br50 million," the bank said.

To expand access to resources, some conditions have been changed. In particular, the criteria for selecting SMEs whose activities are recognized as export-oriented or import-substituting have been updated, the list of import-substituting commodity items has been significantly expanded in accordance with the EAEU commodity nomenclature of foreign economic activity. Goods classified as import-substituting are supplemented with items that are defined in Resolution No. 9 of the Economy Ministry dated 10 May 2022. The targeted use of credit resources has also been expanded: along with the financing of investment activities, it is possible to use funds for the purchase of raw materials and materials directly related to the previously financed costs of the investment project.

Founded in 2011, the Development Bank of the Republic of Belarus (DBRB) is a specialized financial institution. Its founders are the Council of Ministers and the National Bank. The DBRB's priorities include financing long-term and capital-intensive investment projects in as part of government programs and projects. Apart from that, the DBRB provides lending support to Belarusian exporters, SMEs.

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