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IFC in Belarus
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| 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)
Project was funded by the United States Agency for International Development (USAID).
The project sought to improve the business environment in Belarus. To this end, the project cooperated with national and local business associations to promote a dialog between the business community and the authorities. In addition, the project implemented an information and training program for entrepreneurs in cooperation with its partner business associations and an extensive campaign to shape a positive image of private entrepreneurship in this country. In the course of its two-tear life span, every fifth entrepreneur used the information and training services rendered by the project. The partner business associations significantly expanded their membership and customer base. Another important outcome of the joint work was the creation of a council of regional business associations which lifted the lobbying potential of the participating organizations to a new qualitative plane.
Business Associations Capacity Building Project (October 2002 –September 2004) |
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