Belarus' Development Bank allocates Br1.6bn for investment projects
The Development Bank of the Republic of Belarus (DBRB) earmarked Br1.6 billion for investment and other projects in 2019, BelTA learned from the DBRB press service following the annual general meeting of shareholders presided by Belarus Prime Minister Sergei Rumas.
In 2019, the bank assigned Br1.268 billion to finance state programs and activities. “Priority was given to projects to purchase equipment from Belarusian manufacturers for further leasing, transport infrastructure projects, and investment projects of enterprises from various economic sectors,” the press service noted.
The DBRB portfolio of investment loans went up by 8% in 2019 to total Br4.6 billion.
The bank provided financial support for export transactions of Belarusian manufacturers. “Last year, we granted export loans worth Br818.5 million, which was up by 1.25 times over 2018. We concluded 27 direct export loan agreement,” the bank said.
Financial support for small and medium-sized enterprises (SMEs) came at Br130.7 million. The DBRB expanded its partner network thanks to two new banks: ASB Belarusbank and Agroleasing. In addition to lending money to SMEs using its own resources, the bank actively tapped into the credit line of the World Bank and the loan of the UAE Khalifa Fund for Enterprise Development.
The Development Bank also attracted €914.4 million from external resources. “The most significant event in the development of international cooperation was a successful maiden issue of eurobonds worth $500 million for five years and Br210 million for three years. This helped us improve the structure of resources in foreign currency,” the press service noted.
In 2019, the DBRB profit amounted to Br201.7 million with the target of Br150 million.