The privatization objective in Belarus is to create conditions for attracting investment and developing an efficient socially oriented market economy.
The Agency has the following goals in the field of privatization:
- introduction of new, advanced approaches to privatization based on international best practices
- attracting the best strategic investors to develop the companies being privatized and generating revenues to the state budget.
The privatization process is conducted through open and transparent international tenders with the participation of widely known Financial Advisors (investment banks or consulting companies) to increase trust of the international community to privatization processes in Belarus.
Eight small and medium sized State Owned Enterprises (SOEs) representing different industrial sectors have been identified for the first pilot privatization and assigned to the Agency to privatize (the resolution of the Council of Ministers of the Republic of Belarus № 1139 as of August 26th, 2011).On 22 December 2010 the Ministry of Economy of the Republic of Belarus and the International Bank for Reconstruction and Development (World Bank group) signed a Grant Agreement (international technical assistance project No. 2/11/000466 dd. 28 April 2011). Pursuant to it, the Ministry of Finance of Austria established a Trust Fund in the amount of 3.6 million US dollars for duration of up to five years to support the Belarus privatization program implemented by the Agency. The project is executed under the supervision of the World Bank.
Financial Statements of Privatization Project are annually audited in accordance with provisions of Section 2.07 (b) of Standard Conditions to the Grant Agreement.
The aim of the privatization program is to implement a small scale case-by-case privatization program in accordance with international best practices.
А case-by-case privatization process is aimed at:
- attracting the best strategic investors of either domestic or foreign origin able to ensure further development of the company,
- generating revenues to the state budget as a result of successful sales,
- minimizing the potential negative social impact of these transactions.