MINSK, 9 September (BelTA) – Belarusian President Aleksandr Lukashenko gave instructions to explore the issue of developing financial-industrial groups as he spoke at a meeting with the management of Belarus’ National Bank and the heads of commercial banks on 9 September, BelTA has learned.
“In order to attract additional resources into the economy for the implementation of investment programs, it is advisable for the National Bank, with the participation of banks and state bodies, to work out the issue of possible economic integration of financial and industrial capital through the development of financial-industrial groups,” Aleksandr Lukashenko said.
The head of state recalled that Belarus has “repeatedly approached” the idea of setting up such groups. A decree was adopted in 1995, and a special law in 1999, which, according to the president, came to nothing by 2012.
“The setting up of financial-industrial groups will contribute to the formation of a new investment system, a more efficient use of the financial assets of banks as potential investors,” Aleksandr Lukashenko believes.
He emphasized that not only banks but also non-bank credit and financial organizations should be more actively involved in financing investments, and they should introduce new financial support instruments. The main criterion in this case is the growth of their share in GDP.
“By the way, we had an experiment when Belarusbank received shares of Belshina. Well, what about the result? With tire exports down by 20%, it's hard to call the experiment a success. Please report on this today,” Aleksandr Lukashenko added.
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