Business news

MINSK, 13 November (BelTA) – Belarus and the World Bank plan to implement a project to support small and medium-sized business, Belarus’ Economy Minister Dmitry Krutoi said on the sidelines of the Global Entrepreneurship Week (GEF), BelTA has learned.

“The banking sector sees prospects in developing small and medium-sized business and offers entrepreneurship promotion lending programs. We provide all possible support to banks in the process and attach close attention to the issue. For instance, the Development Bank is to implement a compiled project. Apart from our traditional domestic resources we have agreed with the World Bank on a separate credit line to promote small and medium-sized business. We hope that the Development Bank will present this product at the Global Entrepreneurship Week,” Dmitry Krutoi said. In his words, in the future, if the project is successful, the World Bank is ready to discuss more financing.

The European Investment Bank is launching its operations in Belarus. “Next week we are set to host the bank’s vice president to discuss a number of projects, including support for small business,” said the minister.

World Bank Country Manager for Belarus Alex Kremer told BelTA that Belarus recovered from the recession of 2015-2016 and today private business can operate in stable conditions. “Last year a number of documents was adopted to promote entrepreneurship. The World Bank welcomed the adoption of these documents,” he added.

According to Alex Kremer, for further successful development of entrepreneurship in Belarus it is necessary to expand cooperation of government bodies with business and address issues related to debts of state companies.

The Global Entrepreneurship Week (GEW) is an annual global event uniting 170 countries. The GEW in Belarus has been held since 2011. This year the main events are held at the BelExpo national exhibition center from 12 till 18 November.