The International Finance Corporation (IFC) has invested $175 million in Belarus since 2003, Economy Minister of Belarus Nikolai Zaichenko told deputies on October 2.
Belarus joined the IFC in 1992. Up to 2003 the IFC provided advisory services to Belarus. Belarus has achieved certain successes since then. According to the 2009 Doing Business Annual Report published by the World Bank and the IFC, within June 2007–June 2008 Belarus conducted reforms in six out of ten areas highlighted in the report and placed fourth in the first dozen of the countries-reformers in the legal field. In the area of simplifying the business doing environment the country vaulted from 115th into 85th position.
In 2003 the IFC started investment activities in Belarus. To date the investments have totaled $175 million. In March 2008 the government of the Republic of Belarus and the IFC signed an agreement on an IFC Office in Belarus. According to the Economy Minister, after the document was signed the Corporation announced the intention to invest another $54 million in various projects in the country. The IFC has invested in the financial and manufacturing sector, extended credit lines to Belarusian banks for on-lending to private enterprises and provided loan and equity for the refurbishment, modernization and expansion of brewery facilities and juice production.
On October 2 the MPs ratified the agreement between the government of Belarus and the IFC. The document regulates the activities of the IFC Office. It has become the basis for expanding the interaction between the IFC and Belarus. This will enhance the prestige of the country in the international arena and promote investment activities in Belarus.
