Business news

MINSK, 9 January (BelTA) – The Development Bank of the Republic of Belarus (DBRB) earmarked 1.4 times more funds to support small and medium-sized enterprises (SMEs) in 2017 than in the previous 2.5 years, BelTA learned from the press service of the Bank.

“In 2017, within the framework of the SMEs support program, the Development Bank earmarked Br121.3 million, which was 1.4 times the amount designated for this purpose in the previous 2.5 years. The growing demand for loans under the program was facilitated by the wide product offer and an extensive branch network of partner banks, which allowed access to finance for small and medium-sized businesses in all regions of the country,” the press service informed.

Last year the Development Bank started using an additional mechanism to support SMEs through the purchasing of bonds of leasing companies and using the proceeds from bonds to finance the acquisition of property to be provided under finance leases to SMEs.

“In 2018, the Bank will continue to implement the SMEs support program which will be supplemented by the funds allocated by the World Bank,” the press service informed.

The Development Bank focuses on support of small and medium-sized business in Belarus. The Bank’s program, which was launched in August 2014, is tailored to improve the access to credit resources for small and medium-sized enterprises (SMEs). Support tools include loans and finance lease which can be used to implement investment projects in various stages of business development.

The Development Bank of the Republic of Belarus is a specialized financial institution founded in 2011. The founders of the Bank are the Council of Ministers and the National Bank of Belarus. The Bank has been tasked with financing long-term and capital-intensive investment projects, state programs and activities.