Belarus' project investment portfolio can be raised to over $1 billion. Qimiao Fan, World Bank Country Director for Ukraine, Belarus and Moldova, made the statement as he met with Chairman of the Council of the Republic of the National Assembly of Belarus Mikhail Myasnikovich on 1 June.
Qimiao Fan said: “We have a number of projects planned for the next fiscal year, which starts on 1 July. The number includes the $50 million project to modernize the education sector and the $150 million project to provide wider support to structural reforms for the sake of enhancing the competitive ability of the Belarusian economy. Apart from that, we have plans for the first in the series of loans meant to modernize the state finance administration system at the expense of $10 million. I strongly hope that by the end of the next fiscal year our portfolio in Belarus will greatly exceed $1 billion.”
Addressing the head of the upper chamber of the Belarus parliament, the World Bank Country Director said: “I think both sides have managed to fulfill the promises each side has given. You have managed to halve the time required to complete [internal] procedures [for adopting new projects] while we have managed to double the volume of our loans. Now a complicated task is ahead of us. There are a number of new projects and we have to continue improving the implementation of projects in the portfolio and we have to implement the projects fast.”
The executive also said he believes that relations between the World Bank and Belarus had reached a high level. In the last few years the investment portfolio has increased by a lot to a total of $938 million. For instance, the project to modernize a motorway at the expense of $250 million has been prepared within a record time. “I also hope for your support with the rapid ratification of the project concerning the forestry industry that was approved by our board of directors about one month ago,” said Qimiao Fan. “As you know we have been working with the government, providing support with regard to the roadmap for structural reforms. And the World Bank Group is resolute in its intention to support the implementation of this roadmap.”
In turn, Mikhail Myasnikovich remarked that at present efforts of the Belarus parliament are concentrated in two areas. The formation of up-to-date legislation that ensures stable, balanced economic development and envisages serious structural changes in the economy is the first area. The harmonization and unification of legislation within the framework of the Eurasian Economic Union, which went operational on 1 January 2015, is the other area.
Source: BelTA