EBRD believes there is room for expanding its activity in Belarus

The representatives of the Bank were impressed with the results of EBRD-Belarus joint projects.

We believe there is room for expanding our activity in the country even in the conditions of the calibrated strategic approach”, said EBRD Director for Ireland, Denmark, Kosovo and Lithuania Sean Donlon at the meeting of Belarusan Premier Mihail Miasnikovich.

The EBRD official noted that “the bank representatives were impressed with the results of the joint projects”. He added that the EBRD delegation had come to Belarus to hear out Belarus' proposals and consider them at the meeting of the bank's Board of Directors scheduled for next week, BELTA informs.

Mihail Miasnikovich stressed that the total volume of lending is not small but could have been bigger. Thus, according to him, the number of projects has reduced and the sum of loans has become more modest. “I believe that the reason is in the calibrated approach used by the bank, which hampers our cooperation,” the Belarusan head of state said. The Premier expressed hope that his opinion would be heard and taken into account by the EBRD.

Belarusan PM also noted that Belarus sat at the headwaters of the foundation of the European Bank for Reconstruction and Development and became one of its first members. The bank has implemented a number of big projects in Belarus, including in road construction, communications and energy.

Speaking about the relevant structural reforms in Belarus, Mihail Miasnikovich noted that the government has been gradually implementing them jointly with the National Bank. “I assume that the resources of the bank could be a good help in the implementation of these processes,” the Prime Minister said.
EBRD is a big investor in Belarus. As of 1 September 2014, the bank allocated over €1.5 billion under 66 projects. Of them €883 million have been invested in the last five years.

The delegation of the EBRD Board of Directors is in Belarus on a five-day visit which started on 22 September. The visit will cover several Belarusan cities, including Smorgon, Fanipol, Baranovichi and Minsk.