The International Finance Corporation (IFC), a member of the US-based World Bank Group that aims to increase economic growth in developing countries, recently announced that it will partner with the Ministry of the Economy of Belarus “to improve the business environment through measures that will support the growth of small, medium-sized enterprises (SMEs)”[1].
IFC will endeavor to assist the country with establishing an e-registry which will be used for improving administrative requirements, such as import-export procedures and Belarusian regulations that are inconsistent with international ones. IFC will also recommend methods to “cut costs to help local producers join global supply chains”[1] through its Investment Climate Advisory program.
Vladimir Zinovsky, the Minister of the Economy, said that “small and medium enterprises are a growing part of the country’s economy. There are over 1.5 million entrepreneurial Belarusians eager to contribute to the creation of a modern and competitive Belarusian economy”[1].
As of June 2015, IFC had 184 member countries. Also as of the same date, the organisation reported total assets of USD 87.5 billion, net annual income of USD 445 million and return on assets of 0.5 percent.
By Victor Mugo, Research Associate
About International Finance Corporation (IFC)
The International Finance Corporation (IFC), a US-based multilateral development bank and member of the World Bank Group, offers loans, equity investments, advisory and risk mitigation services and technical assistance to private companies with the intention of alleviating poverty and promoting open and competitive markets in developing countries. As of June 2015, IFC had 184 member countries that drive its policies and approve disbursements. As of the same date, IFC reported total assets of USD 87.5 billion, net annual income of USD 445 million and return on assets of 0.5 percent.
Sources and additional resources
[1] Finchannel: IFC partners with Belarus to boost small, medium-sized enterprises
[2] MicroCapital Universe Profile: International Finance Corporation (IFC)
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