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13 January 2020, 13:06

EBRD pours record-high investments in Belarusian economy

MINSK, 13 January (BelTA) – The European Bank for Reconstruction and Development (EBRD) has set a new record in its operation in Belarus, the EBRD press service told BelTA.

According to the source, in 2019 the EBRD set a new record in its operation in Belarus: the bank invested over $433 million (€390 million) in 24 projects in the private sector and the public one, setting a new record high as far as annual investments are concerned. The EBRD also facilitated syndicated loans to the tune of €40 million and mobilized a considerable amount of financing as grants.

The source noted that the EBRD's operations were large-scale and versatile. They included both very large loans and comparatively small ones.

The largest financing project was a sovereign loan of €126 million for modernizing 12 bridges in Belarus. Over 300,000 residents of such towns and cities as Kletsk, Lyuban, Fanipol, Baranovichi, Bereza, Zhlobin, and Shklov will be able to use upgraded wastewater treatment facilities thanks to the EBRD's investments to the tune of €26.8 million. Residents of 80 populated localities in Vitebsk Oblast will get access to clean drinking water thanks to the EBRD's loan of €15.5 million to the Vitebsk Oblast water company.

In 2019 the European Bank for Reconstruction and Development also continued working with Belarusian financial institutions with a view to expanding lending for small and medium businesses and assisting with the development of international trade. “A credit line opened for Priorbank and Dabrabyt Bank in the national currency for supporting small and medium businesses will help small Belarusian enterprises avoid risks relating to the currency exchange rate and will secure longer repayment periods in comparison with those available on the market,” the EBRD noted.

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. 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.

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