The World Bank experts are advising the Economy Ministry of Belarus on setting up a special organization to promote small and medium-sized enterprises (SMEs) in Belarus, Economy Minister of Belarus Nikolai Snopkov told media.
According to the minister, a conceptual strategy has been worked to the development and functioning of such an organization. “For our country it is one of the priorities in the work with the World Bank,” Nikolai Snopkov said.
It is expected that the organization will perform functions of a subcontracting center and a guarantee fund for business lending. The organization will issue concessional loans. The Economy Ministry hopes to get an investment loan (up to €40 million) from the World Bank in order to set up the organization.
The minister added that the organization would be set up as part of the restructuring at the Belarusian Business Financial Support Foundation.
In cooperation with the World Bank, Belarus is working out a new long-term SMEs development strategy.
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