The European Union and the World Bank Group have launched two new projects worth €8.8 million to support the private sector in Belarus. The major goal is to improve the business environment and to boost entrepreneurship in the country.
The EU-funded €4.8 million technical assistance program implemented by the International Bank for Reconstruction and Development is aimed at promoting private sector development in Belarus. Under this project, the World Bank will provide advice in such areas as the development of small and medium-sized enterprises, investment attraction, and preparation of a paperless trading system.
The World Bank will provide advice, among other things, on mobilizing private finance for public infrastructure (public-private partnerships), World Bank Country Manager for Belarus Alex Kremer said. He welcomed the improvements in the government policy to support business in Belarus, the growing understanding of its needs, constant attention to business indicators and the ICT sector. However, there remain some issues requiring additional effort on the part of the authorities.
Belarus’ Deputy Economy Minister Dmitry Yaroshevich noted that the joint projects with the EU and the World Bank Group meet Belarus’ sustainable development goals. One of the key areas is to promote the private sector and boost investment activity. The private sector can be a real driver of the economic growth, Dmitry Yaroshevich said. The new program of the International Finance Corporation will help enhance Belarus’ national competition policies, infuse competition principles in regulatory reforms to boost the country’s private sector growth. Belarus will be assisted in compiling a roadmap to work out competition regulations.
Both the projects are long-term and aimed at ensuring the country’s economic policies and practices help attract direct investment and stimulate market development.
