The European Bank for Reconstruction and Development (EBRD) is going to expand the credit program in the local currency in Belarus. The Belarusian bank Priorbank will join the initiative, EBRD representatives told BelTA.
Priorbank will borrow the equivalent of up to $15 million for three years for the sake of offering loans to small and medium enterprises all over Belarus. The credit line is designed to support SMEs and reduce currency-exchange risks.
The EBRD said the SME sector plays a very important role in Belarus. There are over 112,000 local SMEs in the country, which are responsible for almost a quarter of the country’s GDP and employ around 1.5 million people.
The support and development of SMEs has been identified as one of the key priorities by the Belarusian government and the EBRD, BelTA has learned.
Since the EBRD started working in Belarus in 1992, it has invested over €2 billion in 95 projects in various branches of the national economy.