European Investment Bank supports energy efficiency and small businesses in Belarus

25-11-2019
Photo: European Union
Photo: European Union

The European Investment Bank (EIB) has recently signed three loans supporting projects in Belarus. A €90 million loan, provided under the European Union’s EU4Energy Programme, has been agreed to support investment in biomass-based heat generators and the upgrade of district heating systems. It will also support the thermal renovation of multi-apartment buildings, which will help to significantly cut the housing sector’s energy consumption and reduce dependence on imported fuel, as well as decreasing CO2 emissions.

The two other loans – € 85 million to Belarusbank and € 20 million to Belagroprombank – will co-finance SME projects in Belarus that are expected to sustain 3,700 full-time jobs and support some 200 SMEs. These loans are being provided in the framework of the European Union’s EU4Business initiative.

EIB Vice-President Lilyana Pavlova commented: “The three loans that we are signing cover a wide area of the country’s priorities, from SME support to energy efficiency. Our portfolio of Belarusian projects is growing dynamically, in line with EU objectives, and I am looking forward to further collaboration.”

The Prime Minister of the Republic of Belarus, Sergei Roumas, stated: “The Republic of Belarus highly appreciates relationships built with the European Investment Bank. With no other financial institution [have] we had such a jumpstart and significant investment projects within [such a] short time.”

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Press release

EU4Energy Programme