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Wednesday, April 8, 2020

World Bank Group's IFC doubles investments in Belarusian trade, finance

The International Finance Corporation (IFC), a member of the World Bank Group, doubled its Belarusian investments during the past fiscal year, boosting foreign trade and improving accost to finance for exports and other small and medium-sized businesses.

IFC committed $158 million in Belarus during fiscal year 2014, up from $80 million dollars during fiscal year 2013. A total of $137 million was committed to five Belarusian banks under IFC's Global Trade Finance Program (GTFP), which is aimed at broadening access to finance for companies and reducing risk for local banks.

Launched in Belarus in 2009, IFC has provided a total of $350 million in guarantees to Belarusian banks through GTFP.

"IFC is also implementing an advisory program in Belarus, focusing on improving the country's business environment and investment climate," IFC said.

IFC said that it will continue to support Belarusian producers in efforts to access new markets and become more competitive by enhancing food safety practices, with an agreement signed in the previous fiscal year to aid Belarusian retailer Rubliovskiy Group to improve its food safety.

Total investments in Europe and Central Asia by IFC topped $4.7 billion during fiscal year 2014. IFC invested in 117 projects total during fiscal year 2014.