Belarus’ Development Bank increases financial support to economy

The Development Bank of the Republic of Belarus has increased financing of the domestic economy by 4.5 times over 2019, BelTA learned from the press service of the bank. “Since its establishment, the Development Bank has contributed to expanding the potential and improving the efficiency of the Belarusian economy. Today the Development Bank is not only a financial institution in the field of investments and strategic projects but a full-fledged development institution, which is an effective state instrument, a center of competences in various sectors and a driver of socio-economic growth of the country,” the press service noted. Thus, in 2023, the Development Bank allocated Br11.5 billion in financing, or 5.3% of GDP. Compared to 2019, the financial support to the economy rose 4.5 times. The volume of financing increased at a rate of more than 50% annually in 2020-2022, and by 24% in 2023. “The Development Bank continues to scale its contribution to the country's progressive economic growth. New high-tech enterprises, modern agricultural, infrastructure and social facilities, export promotion, small business support and digitalization of the economy are the strategic areas of the Bank's activities contributing to the development of Belarus,” the press service noted.