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22 November 2019, 19:23

European Investment Bank increases investment portfolio in Belarus up to €550m

An archive photo
An archive photo

LONDON, 22 November (BelTA) – The European Investment Bank's portfolio in Belarus has been increased up to €550 million. The relevant package of documents was signed in London, UK on 22 November as a result of negotiations between Prime Minister of Belarus Sergei Rumas and EIB Vice President Lilyana Pavlova, BelTA has learned.

Belarus and the EIB signed an agreement on financing a project to expand sustainable energy usage. An agreement on financing was signed with Belarusbank. A financial contract was signed with Belagroprombank.

As Sergei Rumas met with Lilyana Pavlova, the head of government noted: “Belarus highly appreciates the established relations with the European Investment Bank. We have never had such a rapid start and so many large projects within such a short period of time with any other financial institution. Besides, the financial terms the EIB offers are unprecedented. Certainly, such lengthy loans are very attractive to Belarus.”

Belarus has an impeccable credit history. “We always honor the commitments we sign up for. I think you will be able to make sure of it more than once,” the prime minister added.

In his words, the increase in the EIB's investment portfolio up to €550 million indicates mutual interest in cooperation and determination to achieve results.

Sergei Rumas invited Lilyana Pavlova to visit Belarus in order to make sure of the effectiveness of the projects, which are being implemented with assistance of the European Investment Bank.

Belarus advances cooperation with the European Investment Bank in various areas: support for small and medium business, the implementation of infrastructure projects in transport industry and housing and utilities industry, in the area of energy effectiveness. A new agreement was signed on 22 November to expand sustainable energy usage, which provides for using more renewable wooden biomass for the sake of heating Belarusian homes. According to Sergei Rumas, the agreement's implementation will make a substantial contribution to better energy effectiveness and ecological stability in Belarus.

The European Investment Bank supports Belarus' determination to promote entrepreneurship initiatives. In 2018 the bank opened credit lines for Belarusbank (€25 million) and Belagroprombank (€50 million) for the sake of supporting small and medium businesses. The loans enjoyed a strong demand on the part of the private sector. The resources have been used up. Sergei Rumas suggested discussing the possibility of getting the Development Bank of the Republic of Belarus involved in the program.

The European Investment Bank is one of the world's largest multilateral investment banks. Established in 1958, the EIB is headquartered in Luxembourg. The charter capital is made up of money of 28 European Union member states. The bank implements about 90% of its projects inside the European Union.

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