The European Bank for Reconstruction and Development (EBRD) plans to invest at least €255 million in Belarus in 2014, EBRD Vice President Andras Simor said at the ceremony of opening the bank’s new office in Minsk on 31 March, BelTA has learned.

According to him, 2013 was a record year in investment. The bank allocated €255 million to promote projects of local and foreign investors in the private sector of Belarus. “The goal for this year is to keep to the 2013 level at least. We will be able to invest more given further development of the private sector and privatization,” Andras Simor said. In his words, the investment growth rate largely depends on the work of the EBRD small business promotion group in Belarus. Over 22 years of cooperation the ERBD invested a total of €1.4 billion in projects in Belarus.

According to the EBRD Vice President, the bank mainly cooperates with private companies today. Cooperation can be expanded to cover the state sector only given big reforms, including the privatization area.

First Vice Premier of Belarus Vladimir Semashko for his part stressed that the government supports and encourages the development of small and medium-sized entrepreneurship in the country and pins great hopes on this sector. Vladimir Semashko welcomed further development of cooperation with the EBRD. He praised the bank’s investment policy towards the Belarusian economy: the EBRD invested €178 million in 2012, €255 million in 2013 and €102 million in January-February 2014.

“At the same time Belarus’ SMEs potential is huge, and we hope that the development of this sector will help support high growth rates of the economy in the future,” Vladimir Semashko said. He stressed that private investment is possible and in-demand in all the economic sectors of Belarus.


 

Belta