EBRD extend €50 million financial package to Belinvestbank

The Belarusian government and the European Bank for Reconstruction and Development (EBRD) have agreed for Belinvestbank, who have 44 branches across Belarus, to privatise. As a result of this, the EBRD has extended a €50 million financial package to help aid the planned step. €30 million of this will be opened up and available through the Trade Facilitation Programme (TFP) and the remaining €20 million will be used as a credit line to help small and medium businesses.

The financial package is designed to help Belinvestbank’s corporate governance as well as improving their commercial operation to ensure they move in line with the best. Belinvestbank, one of the top 5 banks in Belarus, will use the credit line to provide much needed help to small and medium businesses, this will be vital as these businesses accumulate to nearly 25% of Belarus’ national GDP. Belinvestbank will be increasing the support to Belarusian exporters and importers, they will be partaking in the EBRD’s TFP programme which will provide the bank with important finance in which to help small businesses increase their ability to trade at home and abroad.

A managing director of EBRD has said ‘Today’s signing is an important milestone we have reached together with Belarusian authorities and Belinvestbank’s management. It opens up the relationship with the bank, and will pave the way for further joint activity’.

This is just one of the many projects involving the EBRD in Belarus as overall they have invested over €1.7 billion in over 70 projects.

Follow CeSport on twitter