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EBRD invests over €360m in Belarusian economy in 2018

Economy 10.01.2019 | 11:59
EBRD photo
EBRD photo

MINSK, 10 January (BelTA) - The European Bank for Reconstruction and Development (EBRD) invested more than €360 million in 21 projects in Belarus. This is the highest ever result since the Bank launched its operations in the country, head of the EBRD representative office in Belarus Alexander Pivovarsky told the media, BelTA has learned.

According to preliminary estimates, Belarus will be in the Top 10 of the most active countries out of 38 where the Bank carried out its operations in 2018. “Last year was the most successful in the history of the Bank's operations in Belarus,” Alexander Pivovarsky said.

Among the EBRD's key promising projects in Belarus Alexander Pivovarsky named the pilot project to modernize residential buildings to improve their energy efficiency. Together with the Belarusian government, the Bank is working on new approaches to corporate governance in the public sector.

In 2018, the EBRD conducted approximately 2/3 of its operations in the private sector, the rest in the public sector. The Bank is set to stick to this ratio in the next five years prioritizing the development of the private sector, Alexander Pivovarsky said.

For example, in 2018 the EBRD earmarked the largest municipal loan of €84 million to Minskvodokanal, €5 million to the solid waste management company in Pukhovichi District and Cherven District of Minsk Oblast and also €42 million to complete the Minsk Ring Road 2 reconstruction project.

The Bank signed loan agreements with a number of foreign and domestic companies in the private sector. The Bank allocated €50 million to the manufacturer of particleboard and furniture company IOOO VMG Industry, €20 million to the furniture manufacturer IOOO Mebelain, €20 million to OOO Evrotorg. In 2018, the EBRD bought a stake in the agricultural group Servolux and also issued a €5 million loan to the pharmaceutical company Apteka Group.

In the banking sector, the EBRD continued cooperation with Belinvestbank having alloted it a €50 million loan. Work begun to finance new projects in Belarusian ruble.

The EBRD has supported the development of renewable energy in the country, having financed the construction and commissioning of four biogas CHPs in Grodno Oblast and Brest Oblast.

The European Bank for Reconstruction and Development has launched a Green City action plan for Minsk to identify the activities and areas of investments to address the priority environmental problems.

The Belarusian government and the EBRD signed a memorandum of understanding regarding the pre-privatization support for OAO Krinitsa in 2018-2020.

The EBRD is an international bank, which facilitates the development of the private sector and entrepreneurship initiative in 38 economies on three continents. The EBRD shareholders include 67 countries, the European Union, and the European Investment Bank. Since the EBRD began working in Belarus in 1992, the bank has invested over €2.4 billion in 115 projects in various branches of the national economy.

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