Updated at 11:07,12-12-2017

International Finance Corporation invests $158 million in Belarusian economy in fiscal year 2014

Naviny.by

The International Finance Corporation (IFC), a member of the World Bank Group, invested a total of $158 million in the Belarusian economy in fiscal year 2014, compared with $80 million in fiscal year 2013, reported the IFC office for Ukraine and Belarus.

"We had a good year in Belarus," said Rufat Alimardanov, head of the IFC Regional Representative Office for Ukraine and Belarus. "The IFC efforts in the field of assistance in the development of the country's private sector were focused on facilitating access to funds for local manufacturers, increasing in their competitive capacity and further expanding external trade, which are the three most important conditions for long-term sustainable development."

According to the report, in fiscal year 2014, the IFC provided a total of $137 million to five Belarusian banks within the framework of its Global Trade Finance Program (GTFP), which is aimed at extending and complementing the capacity of banks to deliver trade financing by providing risk mitigation in new or challenging markets where trade lines may be constrained.

The GTFP started being implemented in Belarus in 2009 and has so far brought Belarusian banks a total of $350 million as guarantees covering their payment risks in the emerging markets for trade-related transactions.

In addition, the IFC provided a $7-million loan to the Belarusian People's Bank to help the bank increase its lending to small and medium-sized enterprises.