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Minsk, Belarus, January 21, 2014
—IFC, a member of the World Bank Group, is providing a loan of up to $7 million to Belarusky Narodny Bank to help expand access to finance for small and medium-sized enterprises and drive the country’s economic development.
Belarusky Narodny Bank, a mid-sized bank with branches in the capital, Minsk, and three regional cities, is one of a few private financial institutions in Belarus focused on lending to SMEs, which often struggle to obtain financing.
“SME support is a strategic goal for Belarusky Narodny Bank,” said Constantine Tsereteli, the bank’s CEO. “Developing private initiative and strengthening the SME sector are key priorities for the country’s economic development. Today the SME segment requires serious financial support. We are doing our best to deliver it, and this IFC loan will help us expand lending to SMEs, grow our market share and further grow and promote our bank.”
Rufat Alimardanov, IFC’s regional head for Belarus and Ukraine, said: “We are helping the bank to scale up its SME portfolio and expand access to finance for private entrepreneurs, contributing to Belarusian banking sector development. Promoting private sector growth is a focus of our work in Belarus, to help enhance business competitiveness and create more jobs.”
Over the last several years, IFC has supported Belarusky Narodny Bank with a range of financial products, including debt, equity investments, and trade finance.
Belarus became an IFC member in 1992. IFC has been actively involved in advisory services in the country since 1993, and today focuses its efforts on improving the country’s business environment and investment climate and helping local companies implement international standards. IFC has so far invested nearly $500 million in Belarus.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
.
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For more information about the Belarusky Narodny Bank,
please visit:
www.bnb.by
.
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