Business news

MINSK, 20 November (BelTA) – The European Bank for Reconstruction and Development (EBRD) will allocate €84 million to Minskvodokanal to help upgrade the Minsk water and wastewater treatment plants under the Green Cities program, BelTA learned from the bank.

“The €84 million loan for Minskvodokanal will be the largest loan extended by the EBRD to Belarus’ utilities sector. The loan will help the city upgrade the water and wastewater treatment plants and build an efficient sewage sludge treatment facility. The proejct will ensure the compliance with national EU norms and standards in the quality of wastewater treatment,” the bank said.

The project will be co-financed with the European Investment Bank (EIB).

It is expected that the project will help reduce greenhouse gas emissions by more than 130,00 tonnes per year, the amount comparable to emissions produced by 28,000 cars. This project is the seventh in the EBRD portfolio in Belarus aimed at financing projects to upgrade wastewater treatment plants.

Since the start of its operations in Belarus in 1992, the EBRD has invested almost €2 billion in 95 projects in various sectors of the country's economy. The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 38 economies across three continents. The shareholders of the Bank are 67 countries, and also the EU and the EIB.