Belarus eyes subscription to 105 more IFC shares

MINSK, 13 August (BelTA) – The Belarusian government has agreed with the proposal of the Finance Ministry, coordinated with the Foreign Ministry and the Economy Ministry, for the country’s subscription to 105 supplement shares of the International Financial Corporation (IFC) with the face value of $1,000 each to the total tune of $105,000. Council of Ministers’ relevant resolution No.695 of 8 August 2013 was officially published at Belarus’ national legal web portal on 13 August, BelTA has learnt.

The Finance Ministry has been tasked with holding all necessary events related to the subscription. The expenses to pay for the shares have been entered by the Finance Ministry into the state budget for 2013.

The IFC Board of Governors has decided to raise the registered capital of the corporation, which amounted to $2.450 billion earlier. The increase will be $130 million and will raise the registered capital up to $2.580 million. Initially in 1992 Belarus subscribed to 5,162 shares worth $5.162 million. Taking into account the available number of shares Belarus had 0.22% of the total vote. Belarus has been suggested to subscribe and pay for 105 supplement shares. As a result, Belarus will have 5,267 shares to keep the country’s share in the total vote at 0.22% after all the countries have paid for additional shares.

International Finance Corporation, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. Belarus joined IFC in 1992. Today the Corporation centers its efforts on improving the business environment and investment climate in Belarus as well as on enhancing competitive ability of the private sector. An important part of IFC work in Belarus, apart from a number of projects in the real sector of economy, is the support of private companies-exporters in line with the Global Trade Finance Program. Several Belarusian banks are taking part in the program.