Minsk, Belarus, August 5, 2014
—IFC, a member of the World Bank Group, doubled its investments in Belarus over the past fiscal year, helping boost foreign trade and improve access to finance for Belarusian exporters and other small and medium-sized companies.
During fiscal year 2014, which ended June 30, IFC committed a record $158 million in Belarus from its own account, up from $80 million the previous year.
“We had a strong year in Belarus,” said Rufat Alimardanov, IFC’s regional head for Belarus and Ukraine. “IFC focused its work on supporting private sector development in the country and further expanding foreign trade, through improved competitiveness and access to finance for local producers. These are key components for long-term sustainable development.”
In FY14, IFC committed $137 million to five Belarussian banks under its Global Trade Finance Program (GTFP), which broadens access to finance for companies and reduces risks for local banks. GTFP launched in Belarus in 2009. Since then, IFC has provided a total of $350 million in guarantees to Belarussian banks.
In addition, IFC provided a loan of up to $7 million to Belarusky Narodny Bank to help expand access to finance for small and medium enterprises. Other initiatives over the past fiscal year included debt financing of $13 million to Isobud, a leading producer of aluminum sandwich panels in Belarus, to support its expansion and modernization program.
IFC is also implementing an advisory program in Belarus, focusing on improving the country’s business environment and investment climate. IFC also continued supporting Belarusian producers in their efforts to access new markets and become more competitive through enhancing their food safety practices. In the last fiscal year an agreement to help a leading Belarusian retailer, Rubliovskiy Group, improve food safety was signed as IFC's first integrated investment and advisory project in Belarus’ retail sector.
IFC’s total investments in Europe and Central Asia region reached a record $4.7 billion during FY14 in 117 projects, including $1.2 billion in funds mobilized from its partners.
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 about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit