Minsk, Belarus, January 21, 2014—IFC,
a member of the World Bank Group, is providing a loan of up to $7 million
to Belarusky Narodny Bank to help expand access to finance for small and
medium-sized enterprises and drive the country’s economic development.
Belarusky Narodny Bank, a mid-sized
bank with branches in the capital, Minsk, and three regional cities, is
one of a few private financial institutions in Belarus focused on lending
to SMEs, which often struggle to obtain financing.
“SME support is a strategic goal for
Belarusky Narodny Bank,” said Constantine Tsereteli, the bank’s CEO.
“Developing private initiative and strengthening the SME sector are key
priorities for the country’s economic development. Today the SME segment
requires serious financial support. We are doing our best to deliver it,
and this IFC loan will help us expand lending to SMEs, grow our market
share and further grow and promote our bank.”
Rufat Alimardanov, IFC’s regional head
for Belarus and Ukraine, said: “We are helping the bank to scale up its
SME portfolio and expand access to finance for private entrepreneurs, contributing
to Belarusian banking sector development. Promoting private sector growth
is a focus of our work in Belarus, to help enhance business competitiveness
and create more jobs.”
Over the last several years, IFC has
supported Belarusky Narodny Bank with a range of financial products, including
debt, equity investments, and trade finance.
Belarus became an IFC member in 1992.
IFC has been actively involved in advisory services in the country since
1993, and today focuses its efforts on improving the country’s business
environment and investment climate and helping local companies implement
international standards. IFC has so far invested nearly $500 million in
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. Working with private enterprises in more than 100 countries,
we use our capital, expertise, and influence to help eliminate extreme
poverty and promote shared prosperity. In FY13, our investments climbed
to an all-time high of nearly $25 billion, leveraging the power of the
private sector to create jobs and tackle the world’s most pressing development
challenges. For more information, visit www.ifc.org.
For more information about the Belarusky
Narodny Bank, please visit: www.bnb.by.