Opinions & Interviews

MINSK, 31 October (BelTA) – The new strategy of the European Bank for Reconstruction and Development (EBRD) opens up more opportunities on the international capital market for Belarus, First Deputy Economy Minister of Belarus Alexander Zaborovsky said in the Kontury TV show on 9 October, BelTA has learned.

“The new strategy of the EBRD for Belarus has been approved. It means that today there are even more opportunities for the Republic of Belarus to enhance its presence on the international capital market,” Alexander Zaborovsky said.

In his words, the EBRD expands operations in Belarus boosting its portfolio, providing resources to finance projects on very comfortable conditions. “The interest rate on the agreements we sign is less than 1% per annum, the loans are provided for 15 years. These projects are, first of all, aimed at developing the infrastructure, raising the efficiency of the housing and utilities sector,” the first deputy economy minister said.

Lida, Polotsk, Orsha will be the first towns to get financing for the modernization of water supply and disposal systems. The European Bank for Reconstruction and Development will provide €21 million worth of loans. Belarus and the EDBR have signed a corresponding agreement at the bank’s headquarters.

On the whole, Belarus will get about €40 million as part of the program to finance this sector. It will help local utility enterprises fulfill the EU’s sewage water treatment standards and the recommendations of the Baltic Marine Environment Protection Commission.

It was reported earlier that the European Bank for Reconstruction and Development approved the new strategy for Belarus slightly more than a month ago. The opportunities of the financial sector are expanding, including thanks to the work with the public sector.

Experts say that the cooperation with the bank makes Belarus more attractive for private investors. Its development opens up new opportunities for Belarus regarding the inflow of foreign direct investments for the implementation of projects in various fields, including water supply and ecology, transport and the utilities sector, development of the small and medium-sized business.