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26 May 2020, 18:50

World Bank considering financial support for Belarusian SMEs

Alex Kremer. An archive photo
Alex Kremer. An archive photo

MINSK, 26 May (BelTA) – The World Bank is considering granting financial support to small and medium businesses in Belarus, BelTA learned from Alex Kremer, World Bank Country Manager for Belarus, during the presentation of the World Bank's latest economic update for Belarus on 26 May.

Alex Kremer said: “We've received requests from the government to support the country's efforts to finance small, micro, and medium-sized enterprises, to support households via social programs. We are now scrupulously considering these requests and were glad to hear the government had come up with ideas to expand programs on social support for those, who are vulnerable in the pandemic period.”

Alex Kremer reminded that last week the World Bank authorized a €90 million financial assistance package to finance a COVID-19 response project in Belarus and a €100 million loan to support the modernization of the higher education system.

Since the Republic of Belarus joined the World Bank in 1992, lending commitments to the country have totaled $1.9 billion. The active investment lending portfolio financed by the World Bank in Belarus includes nine projects totaling $942.71 million.

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