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26 September 2014

World Bank’s corporate management recommendations for Belarus’ Development Bank

MINSK, 26 September (BelTA) – Experts of the World Bank have given recommendations regarding corporate management to the Development Bank of the Republic of Belarus (DBRB) since the Belarusian bank is now in charge of coordinating lending to government programs and arranging tenders for these purposes, the DBRB press service told BelTA.

According to the source, the World Bank specialists presented the most successful experience of the operation of development institutions in various countries, including in transition economy ones, before the management of the Development Bank of the Republic of Belarus. As a result of the work of the mission sent by the World Bank practical recommendations regarding corporate management and the DBRB's business model have been worked out. The World Bank experts believe that the recommendations will allow the DBRB to fulfill its functions in the best way possible. DBRB Chairman of the Board Sergei Rumas met with World Bank program coordinator for Ukraine, Belarus, and Moldova Alexander Pankov and World Bank experts in the area of finance and financial market on 25 September.

The meeting was the result of the work of the World Bank mission in charge of assessing Belarus' financial sector. During the visit the sides discussed the most topical matters relating to the DBRB's new function of coordinating lending to government programs. The World Bank experts focused on the program for supporting small and medium businesses that the Development Bank has launched to encourage private initiative and entrepreneurship in Belarus. The program was launched on 12 August. The same day the DBRB signed agreements with partnering banks (Belgazprombank, BNB-Bank, BelVEB Bank) on interaction in financing SMEs. The program envisages the allocation of long-term credit resources, which are necessary for implementing investment projects of production sector and services sector companies.

OAO Development Bank of the Republic of Belarus was established in line with the relevant decree of the Belarus president in 2011. The Bank is designed to finance government programs and socially important investment projects. The Bank's founders are the Council of Ministers and the National Bank of the Republic of Belarus.

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