MINSK, 24 January (BelTA) – The privatization of Krasnoselskstroimaterialy Company can be launched in 2018, Head of the EBRD Office in Belarus Alexander Pivovarsky told the media, BelTA has learned.
“The Krasnoselskstroimaterialy privatization project is almost ready. We are currently waiting for the government to give green light to privatization and are ready to support it. We would like the deal to be concluded this year. It will be a good signal for international investors,” stressed Alexander Pivovarsky.
The head of the EBRD office stated that the enterprise needs no serious pre-privatization preparations. “The government simply has to make a decision. If an investor buys into the enterprise, we are ready to support it with financing,” he said.
According to Alexander Pivovarsky, the EBRD has already worked with several big international cement companies. “If one of these companies invests in the enterprise, we are ready to help. Since these companies know us well, we hope that we will be invited to participate in the project,” he said.
According to the head of the EBRD office, as for the pre-privatization support the EBRD worked with five Belarusian state companies: Krinitsa, Mostovdrev, Baranovichi Cotton Production Amalgamation, Krasnoselskstroimaterialy and Mogilevliftmash. “The factory in Mogilev is successful. Our pre-privatization help is not necessary there. As for Mostovdrev, the Development Bank has been doing it best to transform the company. We are keeping an eye on the process. If there is a need for our help, we will join in. Our current focus is on three companies: Krasnoselskstroimaterialy, Baranovichi Cotton Production Amalgamation, and Krinitsa,” said Alexander Pivovarsky.
Speaking about Krinitsa, he said that the parties are set to sign a memorandum of understanding that will herald a starting point of the pre-privatization support for this company. “We did similar work with Belinvestbank and Moscow-Minsk Bank. We hope that this document will be signed in the first quarter of this year,” Alexander Pivovarsky said. The project with Krinitsa provides for technical assistance. The financing has not been discussed yet.
Alexander Pivovarsky informed that the Bank started cooperation with Baranovichi Cotton Production Amalgamation with the implementation of a small project on energy (green) audit.
The European Bank for Reconstruction and Development is the biggest institutional investor in the Belarusian economy. The bank's aggregate volume of operations in the country has almost reached €2 billion.
