EBRD to finance environmental projects in Belarus

“Being one of the largest financial institutions, the EBRD proposes Belarus a wide range of environmental initiatives. We are starting to work on the municipal level, with local authorities in Belarus. We discuss various initiatives and ideas with organizations and government agencies, define their needs in project activities and also their financial needs,” Alistair Clark noted.

The EBRD accumulates necessary funds in partnership with other financial institutions, partners and donors, among whom are the Northern Dimension Environmental Partnership (NDEP), Nordic Investment Bank, European Investment Bank. “Thus, we generate funds, which are packaged in the form of a loan or grant for projects,” Alistair Clark said.

Alistair Clark participated in the seminar- presentation in Belarus under the Northern Dimension Environmental Partnership program, Ways To Finance Municipal Investments, organized by the NDEP in cooperation with the European Bank for Reconstruction and Development and the Economy Ministry of Belarus. Today Minsk plays host to the session of the NDEP Steering Group. Grants for environmental projects in Belarus will be awarded during the session.

According to the EBRD Office in Belarus, in 2009 EBRD approved a three-year country strategy for Belarus. It envisages a differentiated approach to various operations. This means that apart from the usual support to the private sector, i.e. micro, small and medium-sized companies, the EBRD will provide support for possible projects in cooperation with government agencies in such areas as municipal environmental infrastructure, energy efficiency and funding of international contracts.

In 2009 the EBRD investment in Belarus totaled €52 million. The Bank is currently financing 27 projects in Belarus (€418.9 million). As of May 2010 the net amount of contracts including regional projects totaled €306.2 million.

The EBRD has provided a $15-million loan to the Pinskdrev Company. This loan is the Bank’s first to the wood processing sector and only the second direct loan to a private industrial company in Belarus. It will be a start for the Bank’s several initiatives on a more profound study of Belarus’ investment potential of its wood processing sector in the international market. The Bank also supports initiatives pertaining to the development of renewable energy resources.

According to www.belta.by