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, reads the press release of the IFC regional office in Ukraine and Belarus, BelTA has learned.
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.
In 2014, IFC committed $137 million to five Belarusian 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 Belarusian banks.
“IFC is also implementing an advisory program in Belarus, focusing on improving the country’s business environment and investment climate,” the press release reads. IFC also continued supporting Belarusian producers in their efforts to access new markets and become more competitive through enhancing their food safety practices.
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