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Tuesday, March 31, 2020

Development Bank of Belarus to support country's small, medium businesses

Development Bank of Belarus

The Development Bank of Belarus said Tuesday that it and a partnership with other banks will invest approximately $44.7 million to at least 99 small and medium-sized enterprises (SMEs).

The bank is supporting companies that operate within specific areas that have been determined by officials. This includes construction, forest procurement, manufacture of rubber and plastic products and metalware manufacturing.

A majority of this investment, 56 percent, is going to manufacturing, with 25 percent being allocated to transport and 10 percent going to services; the construction portion takes up the remaining 9 percent.

SMEs in the program represent production and manufacture of furniture, food, woodworking and electricity.

This program has been in development by the bank since August 2014. The program opened participation eligibility to individual entrepreneurs in November.

The development bank allocates funds to different commercial banks and they manage the loans that are given to qualifying SMEs.

Organizations in this Story

Government of Belarus

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