EBRD to reinforce control over allocation of funds for private projects to exclude links with Belarus’ public sector
<p> MINSK, Jun 29 - PrimePress. The European Bank for Reconstruction and Development (EBRD) will tighten control over the allocation of its funding for private projects in Belarus in order to avoid their connection with the public sector, said EBRD President Odile Renaud-Basso. </p> <p> </p> <p> “We have continued and had a limited number of projects but still some new projects in the private sector. We continue to be very careful on who is behind the private sector and the fact that we are not working with people related to the authorities and the public sphere. So we are extremely vigilant on that and we have special reports each time fr om our compliance office,” said Odile Renaud-Basso. </p> <p> </p> <p> She confirmed that the position of the EBRD, which in September 2020 refused to finance projects in Belarus except for the private sector, has not changed. </p> <p> </p> <p> The decision to freeze new projects also concerns the level of municipalities and local authorities, Renaud-Basso said. </p> <p> </p> <p> “In Belarus, we suspended all-new sovereign projects since last August. You have two other categories of projects: sub-sovereign, so local authorities, and so forth, and we have not done anything in this area in the last months, but this could be also a more formalized position that we are not going to do any new projects in this area, and then you have the issue of the private sector,” said Renaud-Basso. </p> <p> </p> <p> As previously reported, in autumn 2020, the EBRD and the European Investment Bank decided to lim it cooperation programmes with Belarus. In particular, the EBRD said it was not considering “new sovereign projects in the country”. </p> <p> </p> <p> The European Bank for Reconstruction and Development is an international financial institution headquartered in London, created to support the economic transformations in Central and Eastern Europe. Since the start of its operations in Belarus in 1992, the EBRD has invested €2.9 billion in 137 projects in various sectors of the country’s economy. In 2016 the EBRD adopted a new strategy for operations in Belarus in 2016-2019. The document abolished the calibrated approach, which restricted EBRD operations with the public sector. Belarus and the EBRD have been implementing a number of projects in the financial sector, utilities industry, and transport infrastructure. End </p> <p> </p>
2021-06-30
Primepress
EBRD to reinforce control over allocation of funds for private projects to exclude links with Belarus’ public sector
MINSK, Jun 29 - PrimePress. The European Bank for Reconstruction and Development (EBRD) will tighten control over the allocation of its funding for private projects in Belarus in order to avoid their connection with the public sector, said EBRD President Odile Renaud-Basso.
“We have continued and had a limited number of projects but still some new projects in the private sector. We continue to be very careful on who is behind the private sector and the fact that we are not working with people related to the authorities and the public sphere. So we are extremely vigilant on that and we have special reports each time fr om our compliance office,” said Odile Renaud-Basso.
She confirmed that the position of the EBRD, which in September 2020 refused to finance projects in Belarus except for the private sector, has not changed.
The decision to freeze new projects also concerns the level of municipalities and local authorities, Renaud-Basso said.
“In Belarus, we suspended all-new sovereign projects since last August. You have two other categories of projects: sub-sovereign, so local authorities, and so forth, and we have not done anything in this area in the last months, but this could be also a more formalized position that we are not going to do any new projects in this area, and then you have the issue of the private sector,” said Renaud-Basso.
As previously reported, in autumn 2020, the EBRD and the European Investment Bank decided to lim it cooperation programmes with Belarus. In particular, the EBRD said it was not considering “new sovereign projects in the country”.
The European Bank for Reconstruction and Development is an international financial institution headquartered in London, created to support the economic transformations in Central and Eastern Europe. Since the start of its operations in Belarus in 1992, the EBRD has invested €2.9 billion in 137 projects in various sectors of the country’s economy. In 2016 the EBRD adopted a new strategy for operations in Belarus in 2016-2019. The document abolished the calibrated approach, which restricted EBRD operations with the public sector. Belarus and the EBRD have been implementing a number of projects in the financial sector, utilities industry, and transport infrastructure. End