Belarus' Development Bank supports almost 1,000 SME projects in January-November

Since the beginning of the year, the Development Bank has financed 1,000 SME projects to the tune of around Br300 million, BelTA learned from the bank's press service.

"In January-November of this year, the Development Bank provided financial support to 1,000 projects by small and medium-sized businesses operating in various sectors of the economy. Every fourth project is financed within the framework of the Stabilization lending program, which is aimed at supporting export-oriented and import-substituting enterprises," the press service said.

In order to support such enterprises that contribute to the growth of the Belarusian economy and are focused on replacing imported products or selling domestic goods abroad, financing is provided at a rate below the inflation rate of 7.5% per annum.

The Development Bank has been providing financial support to small and medium-sized businesses for eight years. This support encompasses both loans and financial leasing for the projects at different stages of business development. The product line, size and terms of financing are updated annually depending on the economic situation. About 7,000 projects worth about Br1.9 billion have been financed since the program was launched.

Founded in 2011, the Development Bank of the Republic of Belarus (DBRB) is a specialized financial institution. Its founders are the Council of Ministers and the National Bank. The DBRB's priorities include financing long-term and capital-intensive investment projects in as part of government programs and projects. Apart from that, the DBRB provides lending support to Belarusian exporters, SMEs.