Business news

MINSK, 29 September (BelTA) - The World Bank Board of Executive Directors approved a $60 million loan to the Development Bank of the Republic of Belarus (DBRB) for a new Micro, Small and Medium Enterprise Access to Finance Project, BelTA learned from the World Bank representative office in Belarus.

The project is guaranteed by Belarus and is aimed at improving access to financing for private micro, small and medium-sized enterprises (MSMEs) and enhancing the governance and the institutional capacity of the DBRB. “Private enterprises say that lack of access to finance is stopping them from investing and creating jobs. The project is expected to boost employment for ordinary Belarusians,” said Alex Kremer, World Bank Country Manager for Belarus.

“The project supports DBRB not only with financial resources but also contributes to improved knowledge of banks and MSMEs,” noted Johanna Jaeger, World Bank Senior Financial Sector Specialist, Project Team Leader. “With DBRB playing a growing role in the financial sector, further reforms are required to strengthen DBRB’s mandate, governance, and business model.”

The newly approved MSME Access to Finance Project relies on the findings of the Financial Sector Assessment Program (FSAP) of 2014 and 2016.

Since the Republic of Belarus joined the World Bank in 1992, lending commitments to the country have totaled $1.7 billion. In addition, grant financing totaling $28 million has been provided to various programs, including those carried out with the participation of civil society organizations. With the approval of this project, the World Bank’s active investment portfolio in Belarus includes nine projects worth a total of $991 million.