Supervisory Board of Development Bank of Belarus gathers for first meeting

MINSK, 18 February (BelTA) - The first meeting of the Supervisory Board of the Development Bank was chaired by Prime Minister of Belarus Mikhail Myasnikovich, BelTA learnt from the press service of the Belarusian Government.

Mikhail Myasnikovich said that the Development Bank has completed the phase of institutional formation. The bank has two main objectives, namely to promote the dynamic development of the economy and foster the competitive banking environment in Belarus.

“The Development Bank is viewed by the Government as the main instrument for financing infrastructure projects and programs for the development of the real production sector. The government plans to create new high-efficient sector of the national economy through projects financed by the Development Bank. For that, the Bank has been put in charge of all issues regarding the financing of state programs, the loans issued by state banks to implement them,” said the Prime Minister.

Mikhail Myasnikovich stressed that the Development Bank should become a powerful filter designed to eliminate the perception of public resources as grant aid.

The meeting also considered the conceptual suggestions for further work of the Supervisory Board of the Development Bank. Among them is the development of export lending, raising the financial resources both domestically and from abroad for the structural modernization of the economy, ensuring long-term funding of the economy with the lowest interest rates among financial institutions in Belarus.

The Prime Minister stressed that the Development Bank is the main financial institution to fund the investment projects of national importance. A thorough, in-depth analysis of the loan portfolio for commercial viability should be the main task of the bank.

OAO Development Bank of the Republic of Belarus is a specialized financial institution, established in accordance with Decree No. 261 as of 21 June 2011 enhancing the financial and credit system of the country and promoting the economic development of the state. The Prime Minister has been named Chairman of the Supervisory Board of the Development Bank of Belarus in accordance with Decree No. 45 dated 24 January 2013.