IFC in Belarus

The mission of the International Finance Corporation (IFC) is to promote sustainable private sector investment in developing countries thereby reducing poverty and improving people's lives.

The International Finance Corporation (IFC) is the private sector arm of the World Bank Group. IFC is the world’s largest multilateral financier for companies that do business in emerging economies. Profitable and sustainable investment in challenging markets is IFC’s core business.

Established nearly 50 years ago, IFC has unparalleled experience helping private companies succeed in emerging markets worldwide. From its founding in 1956 through FY06, IFC has committed more than $56 billion of its own funds for private sector investments in the developing world and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. With the support of funding from donors, it has also provided more than $1 billion in technical assistance and advisory services.

In November 1992 Belarus became the first of the newly independent states to join IFC and thus gained access to IFC funds and expertise in private business development. Deputy Prime Minister of Belarus Andrey Kobyakov is presently IFC Governor and First Deputy Minister of Finance Andrey Kharkovets acts as his alternate.

On the invitation of the Government of Belarus, IFC has been actively involved in advisory work in Belarus since 1993. In the space of more than 10 years, it has implemented a range of advisory services projects. The work began with advisory services on privatization of small businesses. Currently, IFC focuses its efforts on small and medium enterprise development and improvement of the business environment.

Along with the implementation of the Business Associations Capacity Building Project financed by the Swedish Agency for International Development (SIDA), tthe International Finance Corporation is also pursuing investment activities in Belarus. To date, IFC has invested a total of $111.5 million in the financial and manufacturing sector, including credit lines extended to Priorbank and Belgazprombank for on-lending to private enterprises and providing loan and equity for the refurbishment, modernization and expansion of Dednovo’s brewery facilities, as well as reconstruction of Bobruisk cannery.

IFC Advisory Services in Belarus

Small-Scale Privatization (May 1993 - June 2000)

Condominium Project (August 1994 - June 2000)

Post Privatization Project (December 1995 - July 1999)

Small and Medium Enterprise Development (July 2000 -September 2002)

USAID

Business Associations Capacity Building Project (October 2002 –September 2004)

Business Enabling Environment Project (October 2004 - November 2006)
Project was funded by the Swedish Agency for International Development (Sida).

In 2004 - 2006 IFC and SIDA continued their joint efforts to improve the business environment in Belarus by implementing the Business Enabling Environment Project. This advisory assistance effort was aimed at reducing the regulatory burden on SMEs and improving their access to information through creating a dedicated on-line resource (www.bel.biz). The most significant results were attained in the following regulatory areas: registration and business permits. The Project facilitated the introduction of a one-stop shop for business registration and the reduction in the notary fees payable by SMEs. This in turn entailed a 58% drop in the cost of registration and a 27% decline in its duration. IFC’s extensive advocacy work convinced the government to include the business permits reform in its current work plan. During the Project’s life, BEL.BIZ grew into one of the most popular business sites in Belarus, attracting 600,000 unique visitors since its launch.

Search IFC Belarus