13 Sep 2023 19:02

Belarus continues investment projects originally financed by World Bank, EBRD, Nordic Investment Bank

MINSK. Sept 13 (Interfax) - Belarus will continue to implement 12 investment projects, the financing of which was to have come from international financial organizations including the World Bank, the European Bank for Reconstruction and Development, and the Nordic Investment Bank.

"Approaches have been identified to complete infrastructure projects whose financing was canceled by international financial organizations during their active implementation," the Economy Ministry said in a statement.

According to a decree published on the National Legal Internet Portal on Wednesday, recipients of budget funds have the right to continue operating under contracts for payment from the relevant budgets for goods supplied, work performed and services rendered, including the repayment of accumulated debt. Tax and customs benefits previously provided under the projects are also retained. In addition, the decree defines the procedure for continuing to implement existing contracts with contractors, making changes to them, cancelling them, and completing work using the customers' own resources, the Economy Ministry said.

The decree "will make it possible to quickly complete work done on sites that were previously financed by the World Bank, the European Bank for Reconstruction and Development and the Nordic Investment Bank," the ministry said.

The decree lists 12 projects financed by loan agreements with microfinance organizations which were concluded from 2012-2020. They provided for the implementation of projects in institutions of higher and general secondary education, at water supply and sanitation facilities, boiler houses, and the reconstruction of bridges.

In the spring of 2022, the EBRD, WB and NIB announced they were terminating cooperation with Belarus and ending the financing of previously agreed infrastructure projects.