Business news

First vice premier names key sources for investment in Belarus

MINSK, 22 October (BelTA) – Belarusian First Deputy Prime Minister Nikolai Snopkov named the main sources of investment growth in Belarus as he delivered a report during a joint sitting of the House of Representatives and the Council of the Republic of the National Assembly of Belarus on 22 October, BelTA has learned.

“Special attention is paid to domestic financing. Measures have been taken to recover investment flows following a decline in 2021-2022. A double-digit investment growth rate was ensured in late 2023. The positive trend continues in the current year. In January-September 2024, investment growth made up 7.6%, with the annual target of 3.9%,” Nikolai Snopkov said.

He also named the sources that helped achieve such results. “Growth was registered across three blocks: funds of the state and regional investment programs, enterprises’ funds and lending. Funds under the state investment program will increase almost three times in 2025 in comparison with 2021. The share of the investment component in budget expenditures will increase from 2.7% to 4.4%. The most capital-intensive projects included in the state investment program for 2024 and 2025 are objects of road construction, healthcare, culture and education,” the first deputy prime minister said.

The lending capacity of banks has been extensively utilized. “Over the past 12 months, reasonable interest rates have been ensured on the managed market. In January-August 2024 the total volume of credit support of the real sector of the economy by banks made up one third more from the previous year. The long-term loan portfolio of banks has grown significantly,” Nikolai Snopkov said.

Enterprises traditionally invest their own funds in development as well. “Their share in investment is the most significant, steadily at over 46%. Investment in machinery and equipment was growing throughout the previous year, outpacing investment in construction and installation work. This year the picture is the same. We consider this to be the most important factor that confirms the active formation of a new investment cycle in the real sector of the economy. In order to maintain the pace, we are actively investing and stimulating the implementation of commercial projects. About 800 investment projects are being currently implemented in the country,” the first deputy prime minister.

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