Business news

MINSK, 19 September (BelTA) – Belarusian small and medium-sized enterprises will get access to the funds of the World Bank’s $60 million loan in early 2018, Yulia Kavetskaya, the head of the department for SMEs at the Development Bank of the Republic of Belarus, told the media BelTA has learned.

The Development Bank of Belarus is the borrower of the loan. “In the near future we will sign an agreement with the World Bank to attract low-cost foreign exchange resources for long-term financial support of small and medium-sized businesses. The loan is $60 million. While utilizing the loan we will consider increasing the volume of funding,” Yulia Kavetskaya said. “Access to the loan funds will be given to businesses in the early 2018, after the agreement is ratified,” she added.

According to Yulia Kavetskaya, the World Bank sees the Bank Development of Belarus as a reliable borrower, through which they can support small and medium-sized businesses. “the government was a borrower so far. For us it is a positive experience,” she added.

The Development Bank of Belarus launched the program of support for small and medium-sized businesses in 2014. “The year 2017 was a good one. Since the beginning of the year, we have financed about 500 projects. All in all, there have been 1,200 projects since 2014. This year we have directed more Br60 million to support enterprises. Since 2014 the volume of resources has made approximately Br150 million,” Yulia Kavetskaya said.

She also said that the Development Bank plans to increase support for small and medium-sized businesses and to implement new projects together with its partners. At present, the bank is working on a possibility of attracting resources from the Khalifa Fund for Enterprise Development of the UAE.