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EBRD ready to finance Belarusian projects for IKEA suppliers

Economy 10.01.2019 | 16:50
Photo courtesy of business.ua
Photo courtesy of business.ua

MINSK, 10 January (BelTA) – The European Bank for Reconstruction and Development is ready to finance projects of IKEA suppliers in Belarus taking into account the company's plans to place new manufacturing facilities in the country, BelTA learned from the head of the EBRD representative office in Belarus Alexander Pivovarsky.

According to Alexander Pivovarsky, all kinds of suppliers are under consideration but primarily furniture industry. The interest of the company with a global reach in the Belarusian market can help a lot with the development of the private sector in Belarus.

Belarus is now advertised in IKEA as a country for investment and manufacturing. Manufacturing is becoming expensive in Scandinavian countries, this is why Belarus is promoted among suppliers as “a direction of the future”.

EBRD representatives specified that the bank is ready to finance any projects in Belarus if they involve cooperation with IKEA. The EBRD can also provide consulting assistance. Cooperation with IKEA can guarantee sales for Belarusian companies, can help improve various competences, including work on international markets. The average age of IKEA's cooperation with a company is about 11 years, which helps companies grow from the point of view of economy, sales, and penetration of new markets.

The EBRD is a versatile bank, which facilitates the development of the private sector and entrepreneurship initiative in 38 economies on three continents. The bank's shareholders are 67 countries as well as the European Union and the European Investment Bank. Since the bank started working in Belarus in 1992, the EBRD has invested over €2.4 billion in 115 projects in various branches of the national economy.

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