Business news

IVYE DISTRICT, 20 June (BelTA) – The World Bank plans to provide a $60 million loan to Belarus to support the development of small and medium-sized enterprises (SMEs), Young Chul Kim, World Bank Country Manager for Belarus, told the media as he attended the opening ceremony to launch reconstruction works on the second section of M6 highway in Ivye District on 20 June, BelTA has learned.

“Over the past four years, the amount of loan money granted by the World Bank to Belarus as part of the country partnership strategy increased from $375 million to $973 million. We plan to provide another $60 million after summer to support SMEs in Belarus,” Young Chul Kim said.

As for the renovation of the M6 highway, this is the largest World Bank’s investment project in Belarus (worth $250 million – BelTA’s note). “Nine large projects are currently being implemented in Belarus in various sectors with the participation of the World Bank. Apart from the road construction project, we also provide money for projects in energy efficiency, waste treatment, education, and healthcare. Almost all of the projects were delivered under budget. The results are very impressive,” Young Chul Kim emphasized.

He noted that the highway under renovation will be an important international transport corridor for speedy travel and cargo transportation that will attract people and investors thanks to the country’s five-day visa-free travel program.

The second stage of the road renovation project envisages upgrading a 67-kilometer section (from 130.4km to 197.7km) of M6 highway connecting Minsk and Grodno with the border of the Republic of Poland. Work continues to simultaneously renovate the sections of the road starting from Minsk and Shchuchin. The reconstruction is scheduled for completion in 2019. However, plans have been made to finish the works as soon as in 2018. The 272-kilometer road will meet the European standards.