Business news

MINSK, 8 June (BelTA) – The Khalifa Fund for Enterprise Development (United Arab Emirates) will open a $25 million credit line for business support for the Development Bank of the Republic of Belarus (DBRB) in line with the memorandum of understanding the sides signed in Abu Dhabi, BelTA has learned.

The memorandum envisages opening a long-term credit line to the tune of $25 million for the Development Bank of the Republic of Belarus. The money will be used to implement joint initiatives meant to support projects of micro, small, and medium businesses.

DBRB Chairman of the Board Sergei Rumas noted that supporting SMEs is a core business for the Belarusian bank. “As a national development institution we try to provide maximum and comprehensive assistance to Belarusian small and medium businesses. It is very important for us that we can find like-minded people, partners, and friends abroad, who share our views and values. The signing of the memorandum of understanding with the Khalifa Fund for Enterprise Development is a vivid example of that. The unique experience and expertise of this respected financial institution and the long-term credit line the fund has made available will allow the Development Bank to work out and offer a new, interesting, and popular product to the Belarusian market,” added Sergei Rumas.

The Khalifa Fund for Enterprise Development was established by the Abu Dhabi government in 2007 as an independent non-commercial organization with the capital in excess of $540 million. The fund was established with a view to raising a new generation of UAE businessmen by nurturing and developing small and medium businesses in the UAE. The Khalifa Fund for Enterprise Development works out and introduces comprehensive programs to support and expand opportunities for businesses. The programs also help create a favorable investment climate in the countries the fund partners with.