International Finance Corporation (IFC)
International Finance Corporation (IFC), a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector in developing countries.
Established in 1956, IFC is owned by 184 member countries, a group that collectively determines its policies. With a global presence in more than 100 developing countries, IFC helps compan
ies and financial institutions in emerging markets to create jobs, generate tax revenues, improve corporate governance and environmental performance, and contribute to their local communities.
IFC works to create markets that give new opportunities for the private sector, thus fostering sustainable economic growth in the countries where it operates.
IFC AND BELARUS
In November 1992, Belarus was the first CIS country to sign the required agreements and become a member of the World Bank Group and IFC. This opened the way to a full-fledged cooperation with these leading international organizations.
Belarus has developed a long-standing constructive collaboration with IFC. This international finance institution is one of the largest investors, and a major expert in reforms to improve the regulatory environment for businesses in Belarus. Sustained partnership with IFC enabled Belarus to use its resources and make a successful transition to a more market-oriented economy.
As of January 1, 2020, IFC’s total investments in Belarus reached over $850 million in 60 projects for private sector development, on-lending through commercial banks to small and medium-sized businesses (SMEs), energy efficiency, and more. IFC’s short-term and long-term finance supported opening access to new markets, expanding foreign trade and increasing access to finance for the Belarusian business.
IFC has also provided advisory assistance to the Government of Belarus in improving the investment climate to support foreign direct investment (FDI) promotion, streamlining business regulations, supporting and creating an enabling environment for SMEs, creating an e-Registry of administrative procedures, and improving access to finance for businesses by strengthening the secured transactions framework in Belarus.
IFC has concluded the following four Cooperation Agreements to provide advisory assistance to the Government in 2019–2022:
- With the Ministry of Antimonopoly Regulation and Trade — to create and develop a competitive environment, promote investment, and increase the capacity of the Ministry and other government authorities;
- With the Ministry of Economy — to support SME development, improve business regulations and implement joint actions to promote business and economic growth;
- With the National Bank — to facilitate movable asset-based lending to improve access to finance for SMEs and ensure their sustainable growth in Belarus; and
- With the State Committee for Standardization (Gosstandart) — to implement joint actions to improve the quality infrastructure, in particular to help the Belarusian accreditation system achieve international recognition in order to reduce business export-related costs, and create a database of accredited conformity assessment bodies.
The purpose of the current World Bank Country Partnership Framework (CPF) for Belarus is to support sustainable and inclusive growth and improve living standards by focusing on three interlinked focus areas: (a) creating opportunities for the private sector to grow and for more efficient public investment; (b) maintaining the country’s human capital edge; and (c) improving the contribution of infrastructure to climate change management, economic growth, and human development.
IFC leverages its products and services — as well as those of other institutions across the World Bank Group — to provide the most impactful development solutions to its partners. We apply our financial resources, technical expertise, global experience, and innovative thinking to help our partners overcome financial, operational, political and economic challenges.
IFC in Belarus: since November 1992
Key publications: IFC Annual Report 2019: Investing for Impact