Business news

MINSK, 14 May (BelTA) – A Belarusian delegation led by Deputy Prime Minister Vladimir Semashko is currently on a visit to Tbilisi, Georgia, to participate in the Annual Meeting of the Board of Governors of the European Bank for Reconstruction and Development (EBRD), BelTA learned from the press service of the Belarusian Ministry of Foreign Affairs.

The delegation comprises Ambassador of Belarus to the UK Sergei Aleinik, representatives of the National Bank of Belarus, the Belarusian Economy Ministry, and a number of banking institutions.

Vladimir Semashko met with EBRD President Suma Chakrabarti. The parties discussed the state and prospects of EBRD’s activities in Belarus and outlined priority areas for further development of mutually beneficial cooperation.

The press service said that Vladimir Semashko and EBRD First Vice President Phil Bennett signed a memorandum of understanding on the privatization of Belinvestbank.

The memorandum provides for pre-privatization financing of Belinvestbank by EBRD. This includes investing in the capital stock and providing access to the credit lines to support trade and development of small and medium-sized enterprises. The document also formalizes the intention of the parties to sell the controlling stake of Belarus’ third largest national bank to a strategic investor by 2020.

The delegation will also take part in official events of the Annual Meeting of the EBRD Board of Governors and hold bilateral meetings with the EBRD management staff and chief executives of the Northern Dimension Environmental Partnership, the Nordic Investment Bank, and other international financial organizations and institutions.