Belarusbank and the Development Bank of the Republic of Belarus signed a Memorandum of Cooperation on May 21, 2018 in Minsk. The Memorandum defines the basic principles and areas of cooperation between the parties which is aimed at synergistic interaction for the purpose of reinforcement of the national economy and enhancement of the export potential of the Republic of Belarus.
“Joint financing of large-scale investment and infrastructure projects will enable us to split and decrease credit risks that are accepted by out banks when we enter new nationally important projects”, says Viktar Ananich, Chairman of the Board of Belarusbank.
Beside the minimization of financial risks, the parties cite reinvigoration of investment activity of the banks, maximization of return on investments and, consequently, a fresh impetus to the innovative development of the national economy as the major benefits of mutual cooperation.
Sergei Rumas, Chairman of the Board of the Development Bank, expressed confidence that the Memorandum would form a consistent basis for cooperation between the two banks and contribute to the synergy of cooperation between the two financial institutions aimed at strengthening of the national economy, business activity invigoration and enhancement of the export potential of Belarus.
The parties have a pipeline of projects under consideration, and at least one of them is expected to be implemented this year.
Speaking about the further opportunities of mutually beneficial cooperation, the parties mentioned the possibility of entering the external loan market by Belarusbank and the Development Bank for tied loans. Joint fundraising has already been discussed with a number of European financial institutions.