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Economy
26 February 2020, 16:41

Belarus eager to become EBRD's top 5 borrower

MINSK, 26 February (BelTA) – The government expects Belarus to become a top 5 country in terms of the volume of operations of the European Bank for Reconstruction and Development (EBRD). Prime Minister of Belarus Sergei Rumas made the statement as he met with Alexander Pivovarsky, Head of the EBRD Office in Belarus, on 26 February, BelTA has learned. Alexander Pivovarsky's work in the current capacity is nearly over.

Sergei Rumas said: “Belarus still views the European Bank for Reconstruction and Development as a reliable partner, which support makes a tangible contribution to the country's social and economic growth and to higher quality of life of the Belarusians. This is why we will endeavor to work with your replacement to preserve and multiply such impressive results. The Belarusian government has set a new bar and believes if we work as constructively, we will be able to become a top 5 country in terms of the volume of EBRD operations.”

In his words, the EBRD invested over €1 billion in the Belarusian economy in the last four years. A record high sum was invested in 2018 – €360 million.

Sergei Rumas continued: “In 2019 we did even better and investments to the tune of €390 million allowed Belarus to become a top 10 country in terms of the volume of EBRD operations for the first time. The investments resulted in good roads, safe bridges, quality public utilities, in other words, in the infrastructure the stable operation of any country cannot do without. It could not have happened without your personal support. This is why on behalf of the government I would like to thank you for the quality and solid work you've done in this capacity.”

Sergei Rumas
Sergei Rumas

The head of government underlined that the most precious thing in Belarus' rapport with the EBRD is the deep partnership that now serves as the foundation for expanding the cooperation. “I sincerely hope we will be able to maintain the trustful ties with the bank and with you personally,” Sergei Rumas added.

Alexander Pivovarsky
Alexander Pivovarsky

In turn, Alexander Pivovarsky noted that work in Belarus had been the most interesting professional experience in the course of his career just like work as part of the office of EBRD President Suma Chakrabarti. He stressed that the accomplishments in cooperation with the EBRD owed a lot to the Belarusian government. “We've always felt the open door policy,” Alexander Pivovarsky said.

The EBRD is a multilateral bank fostering the development of the private sector and entrepreneurship initiatives in 38 economies on three continents. The bank's shareholders are 69 countries as well as the European Union and the European Investment Bank (EIB). Since the EBRD began working in Belarus in 1992, the bank has invested nearly €2.9 billion in 130 projects in various branches of the national economy.

Marina Petrov has been appointed to replace Alexander Pivovarsky as the head of the EBRD Office in Belarus. Until recently she worked as a deputy head of the EBRD Office in Ukraine.

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