Business news

Belarusian Development Bank to earmark Br200m for SMEs projects

MINSK, 27 February (BelTA) – The Development Bank of the Republic of Belarus (DBRB) is planning to earmark at least Br200 million to finance projects of small and medium-sized enterprises (SMEs), Chairman of the Board of the DBRB Andrei Zhishkevich told the media as he attended a meeting of the Business Promotion Council, BelTA has learned.

The DBRB has been implementing the program to increase access of SMEs to finance for more than four years. The program presupposes providing loans and financial leasing which may be used to run projects at different stages of the business development. Financial support for SMEs is available practically everywhere in Belarus thanks to an extensive network of partner banks and leasing organizations. “This product is in high demand. Last year we lent some Br200 million and intend to provide at least as much in 2019. Brest Oblast and Grodno Oblast are the most active regions in this respect, whereas Vitebsk Oblast and Mogilev Oblast have to catch up,” Andrei Zhishkevich said.

Work has been carried out to update Decree No.261 which determines the functions of the bank. “The amendments are now in for interdepartmental approval. They include new functions of the Development Bank which will replace directed lending,” Andrei Zhishkevich added.

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