Only 20% of firms in Eastern Europe and Central Asia have female top managers. IFC’s Corporate Governance Program in ECA promotes the business case for good CG practices and emphasizes business benefits of gender diversity on boards.
Belarus became a member of IFC in November 1992. In the early years, IFC implemented a range of advisory services, including programs for the privatization of small businesses.
In recent years, IFC has ramped up its investments in Belarus to further support private sector development. Thus far, IFC has invested more than $600 million, including funds mobilized from other investors, in 47 projects. In fiscal year 2014, IFC committed a record $158 million in Belarus from its own account, up from $80 million the previous year.
IFC Strategy in Belarus
IFC’s strategy in Belarus focuses on:
Helping Belarus improve its investment climate and promote private sector development. IFC supports the development of small and medium-sized businesses through its real sector investments and financial intermediaries.
In the financial sector, IFC supports the development of the privately owned segment of the banking industry, providing investments and the accompanying advisory services.
In the real sector, IFC supports the development and modernization of private companies through direct investments and technical expertise, focusing on manufacturing, agribusiness, and energy efficiency.
IFC is also implementing several advisory programs in Belarus, focusing on the following priority areas:
Helping the government expand the private sector and improve the investment climate through better regulatory policies;
Enhancing the competitiveness of Belarusian food producers by improving their food safety practices;
Advising on the corporate governance improvements for Belarusian private companies.
IFC Advisory Services activities in Belarus are financed by the Swedish International Development Cooperation Agency (Sida), the United States Agency for International Development (USAID), and the Ministry of Finance of Austria.
Along with its Advisory Services programs, IFC is also pursuing investment activities in Belarus. As of June 30, 2012 IFC has invested about $340 million in 36 projects in the financial, general manufacturing, agribusiness, and services sectors.
Details of projects currently in progress can be found in IFC Disclosure. For completed projects see press releases below or visit the IFC Press Room.