The National Bank of Belarus and the International Finance Corporation (IFC) signed a cooperation agreement. The purpose of the document is to increase the number of deals using movable property as security to improve access to finance for small and medium-sized businesses and their sustainable development in Belarus.
The cooperation agreement continues the interaction between the International Finance Corporation and the National Bank to support reforms in the field of secured transactions.
One of the results of such cooperation was the establishment of the registry of pledged movable property in 2016 under Decree No. 539 of 31 December 2015.
The new joint project is designed to run until the end of 2022. It provides for measures to improve the legal and institutional framework for secured transactions in Belarus, including through appropriate amendments to Decree No. 539, to upgrade the software used to operate the registry of encumbrances on movable property and to conduct extensive explanatory work among representatives of government bodies, small and medium-sized businesses and other stakeholders about new possibilities and practical aspects regarding secured transactions in order to improve access to finance.
