PRESS RELEASE January 31, 2019

Belarus to Improve Investment Climate and Boost Entrepreneurship, with European Union and World Bank Group Support

MINSK, January 31, 2019 – Improving the business environment and strengthening entrepreneurship in Belarus are the main goals of two advisory programs on private sector development, launched jointly today by the European Union and the World Bank Group.

“We aim to achieve concrete benefits for Belarusian enterprises by promoting sector competitiveness reinforcement initiatives, and by ensuring capacity building of various agencies including the Fund of Financial Support to Entrepreneurship, the National Agency for Investment and Privatization, as well as the Public-Private Partnerships Center,” says Andrea Wiktorin, Head of the European Union Delegation to Belarus.

An EU-funded EUR 4.8 million technical assistance program, which will be implemented by the International Bank for Reconstruction and Development, aims to enhance private sector growth in Belarus. Under the project, the World Bank will provide advice in such areas as small- and medium-sized enterprise development, investment attraction and retention, and preparation for a paperless trade system.

“The World Bank will provide advice, among other things, on mobilizing private finance for public infrastructure and services (Public-Private Partnerships) based on global best-practices,” says Alex Kremer, World Bank Country Manager for Belarus. “Private finance, supported by robust investment agreements, is highly important for providing Belarusians with adequate infrastructure.”

The new IFC Belarus Competition Advisory Program, cost-shared by the European Union and the Swedish International Development Cooperation Agency, will bring about government expertise in reducing compliance costs for businesses. This will be achieved by de-regulation and improvement in regulatory governance and reduction of private sector costs related to conformity assessment and certification of goods traded internationally.

“Today, we launch a new IFC program to help enhance Belarus’ national competition policies, and to infuse competition principles in regulatory reforms to boost the country’s private sector growth,” says Rolf Behrndt, IFC Global Practice Manager for Finance, Competitiveness and Innovation in Europe and Central Asia. “This builds upon our previous work in helping simplify business regulations and improve the environment for doing business in the country. In the near term, we will focus on select priority sectors of the economy to identify regulatory constraints and help draw a roadmap for designing pro-competition market regulations. This work is part of our broader efforts in Belarus to support private sector development, create jobs and drive long-term economic growth.”

Over the last decade, Belarus has advanced significantly in reforming its basic business regulations. However, numerous improvements have not led to a noteworthy increase in the private sector and in Small and Medium Enterprises. As such, both projects aim over the long-term to ensure economic policies and practices help attract direct investment and stimulate market development, for the benefit of all Belarusians.

 

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For more information about the World Bank Group’s program in Belarus, please visit: www.worldbank.org/belarus

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PRESS RELEASE NO: 2019/ECA/77

Contacts

Minsk, WBG
Vladislav Kovalevsky
+375 17-359-1974
ukavaleuski@worldbank.org
Kyiv, IFC
Olena Harmash
380 44 490 64 00
oharmash@ifc.org