The International Finance Corporation (IFC) expects to increase investments in Belarus, the head of the IFC Office in Belarus Max Yacoub said as he met with Prime Minister of Belarus Mikhail Myasnikovich.

According to the head of the IFC Office, over the years the IFC has invested about $320 million in the Belarusian economy. “I hope that our investments will increase in coming years. We believe that our work in Belarus to improve the investment environment may lead to the increase in IFC’s investments and encourage other investors to come to Belarus,” said Max Yacoub.

Max Yacoub recalled that the Republic of Belarus was among the first CIS countries to join the IFC in 1992. Prime Minister Mikhail Myasnikovich noted that then, almost 20 years ago, the relevant documents were signed by him.

At first the IFC was engaged in small-scale privatization in Belarus. The focus was on establishing small and medium-sized enterprises. Then the IFC assisted the government in creating an environment conducive to small business, decentralizing government bodies. “The main mission of the IFC and the World Bank is to promote private sector development in the countries where we work,” said Max Yacoub.

In cooperation with the Economy Ministry the IFC has developed a program to improve the investment climate in Belarus. According Max Yacoub, attracting high-quality investors to Belarus should stimulate new jobs, improve the quality of exports, and diversify the economy. Also, this will facilitate the transfer of international experience and know-how to local companies.

The IFC supports the Government of Belarus in its effort to improve the investment climate in the country. Max Yacoub praised the Government for the establishment of the National Investment and Privatization Agency, and thanked the Economy Ministry for their assistance to the corporation.

According to the press service of the Belarusian government, the investments allocated by the IFC are in demand and the projects, which they are invested in, important for Belarus. With the participation of the IFC the credit lines have been opened for Belarusian banks to finance small and medium-sized enterprises and to support import-export operations. The IFC assists in the development of the Belarusian Small Business Bank. The IFC finances the upgrade project at the Dednovo brewery, the creation of Belarus’ first juice plant in Bobruisk. The corporation finances Alutech Company to support its growth strategy, export development, environmental and social standards. Investments were allocated to Svoboda Cosmetics for the construction of a new household chemicals plant in Osipovichi.

The IFC also provides consultative assistance to Belarus. The project “Improving the Business Environment” is currently underway. As part of the effort to improve the regulatory framework on small and middle-sized business, administrative procedures are simplified, business registration practices are reformed.

BELTA