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20 March 2019, 19:16

EBRD's assistance with pre-privatization of Belarusian Vitebskdrev under consideration

MINSK, 20 March (BelTA) – The Development Bank of the Republic of Belarus (DBRB) is getting ready to sign a memorandum on preparing OAO Vitebskdrev for privatization with the European Bank for Reconstruction and Development, BelTA learned from DBRB Chairman of the Board Andrei Zhishkevich during the forum held on 20 March to discuss the strategy and tactics of entrepreneurship development in Belarus.

The executive clarified that the memorandum will not specify any parameters regarding the timeline for privatization or the sum of the deal. “It is an early stage, during which the EBRD will start examining the company's state of affairs in order to understand its potential, including its appeal for investors,” Andrei Zhishkevich explained. “We look at it as consulting. By inviting the experts, we will be able to better understand the market and appeal with regard to investments.”

According to the DBRB chairman of the board, the memorandum's preparation is in an advanced stage. Vitebskdrev is a state-owned company. Decisions of this kind have to be approved by the Council of Ministers, the source noted. “I think it will happen literally within one month. Not more than that,” noted Andrei Zhishkevich.

The public joint-stock company (OAO) Vitebskdrev was established in 1927. It is one of the largest woodworking companies in Belarus. It specializes in forest harvesting and making woodworking products using imported raw materials and its own ones. Since 2016 it has been one of the nine companies in the woodworking industry holding company the Development Bank of the Republic of Belarus runs.

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