MINSK, 20 September (BelTA) – Before the solemn ceremony to award winners and laureates of the Import Substitution contest Belarusian Economy Minister Yuri Chebotar talked to reporters to discuss the measures the government takes to support the private sector for the sake of encouraging import substitution, BelTA has learned.
Yuri Chebotar said: “First of all, instruments of the Belarusian Fund for Entrepreneurship Support work. The fund offers loans, consultations and support tracking. And it is very important because those, who are interested in placing orders, and, on the contrary, those, who are ready to make products that assembly lines need and so on, meet on this platform.”
The second area of work is financial support. “We’ve launched a special product to support import substitution projects via the Development Bank of the Republic of Belarus. You need to be added to the list approved by the government and you will get funding at 8% per annum. It is quite an affordable rate,” he noted.
Thirdly, support for large private companies and assistance with looking for import substitution opportunities, the minister added.
“The private sector is interested and demonstrates accomplishments in creating new manufacturing facilities and modernizing old ones. We have over 700 organizations that participate in the import substitution program. About 80 projects have been financed within the framework of the Development Bank’s special product. Today together with the regulators we are considering new avenues of development, in particular, in mechanical engineering, light industry, and petrochemical industry,” the economy minister said.
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