IFC, a member of the World Bank Group, doubled its investments in Belarus over the past fiscal year, helping boost foreign trade and improve access to finance for Belarusian exporters and other small and medium-sized companies, reads the press release of the IFC regional office in Ukraine and Belarus, BelTA has learned.

 During fiscal year 2014, which ended June 30, IFC committed a record $158 million in Belarus from its own account, up from $80 million the previous year, says the press release.

 In 2014, IFC committed $137 million to five Belarusian banks under its Global Trade Finance Program (GTFP), which broadens access to finance for companies and reduces risks for local banks. GTFP launched in Belarus in 2009. Since then, IFC has provided a total of $350 million in guarantees to Belarusian banks.

 In addition, IFC provided a loan of up to $7 million to Belarusky Narodny Bank to help expand access to finance for small and medium enterprises. Other initiatives over the past fiscal year included debt financing of $13 million to Isobud, a leading producer of aluminum sandwich panels in Belarus, to support its expansion and modernization program.

“IFC is also implementing an advisory program in Belarus, focusing on improving the country's business environment and investment climate,” the press release reads. IFC also continued supporting Belarusian producers in their efforts to access new markets and become more competitive through enhancing their food safety practices. In the last fiscal year an agreement to help a leading Belarusian retailer, Rubliovskiy Group, improve food safety was signed as IFC's first integrated investment and advisory project in Belarus' retail sector.

 IFC's total investments in Europe and Central Asia region reached a record $4.7 billion during the fiscal year 2014 in 117 projects, including $1.2 billion in funds mobilized from its partners.



 

BelTA