The International Finance Corporation (IFC), a member of the World Bank Group, is supporting Belarusky Narodny Bank, a commercial bank in Belarus that focus on financing small and medium-sized enterprises (SMEs), by providing it with a USD 5 million loan and purchasing 19.9 percent of the bank’s equity from the Bank of Georgia, a private commercial bank, for an undisclosed sum. The Bank of Georgia will retain 79.99 percent of the shares of Belarusky Narodny.
Nikoloz Shurgaia, the chairman of the supervisory board of Berlarusky Narodny Bank, was quoted as saying, “We welcome IFC as our new shareholder. Its high reputation and experience in developing financial institutions globally will give Belarusky Narodny Bank additional impetus to develop into a leading bank in terms of transparency, reliability, and client orientation, and provide high-quality services to small and medium enterprises and people of Belarus.”
As of 2009, Belarusky Narodny Bank’s authorized capital was BYR 69.2 billion (USD 23 million).
By Conner Brannen, Research Assistant
About the International Finance Corporation (IFC):
A member of the World Bank Group, the International Finance Corporation (IFC) uses loan and debt securities, equity investments and guarantees with the intent of alleviating poverty. It invests in financial institutions and other companies in emerging markets as well as providing technical assistance. The IFC has 182 member countries that “collectively determine its policies, and approve investments.” In fiscal year 2009, its new investments totaled USD 14.5 billion.
About Belarusky Narodny Bank:
Established in 1991, Belarusky Narodny Bank is a commercial bank that offers a wide range of financial services in Belarus, with a particular focus on small and medium-sized enterprises. As of February 2010, it had four branches – three in Minsk and one in Vitebsk. As of 2009, the bank’s authorized capital was BYR 69.2 billion (USD 23 million). Bank of Georgia, a private commercial bank, controls 79.99 percent of shares while the International Finance Corporation, a member of the World Bank Group, holds 19.99 percent of shares.
Sources and Additional Resources:
International Finance Corporation: “IFC Invests in Belarusky Narodny Bank to Expand Small, Medium Business Finance,” July 8, 2010: http://www.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/C7E8142C6617210C8525775A0050839B?OpenDocument
MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) to Invest $25m in Microfinance Institutions (MFIs) Belarusian Bank for Small Business (BBSB) in Belarus, NLB Tuzlanska Banka in Bosnia and Herzegovina, and NLB Montenegrobanka in Montenegro, July 8, 2010: https://www.microcapital.org/microcapital-brief-european-fund-for-southeast-europe-efse-to-invest-25m-in-microfinance-institutions-mfis-belarusian-bank-for-small-business-bbsb-in-belarus-nlb-tuzlanska-banka-in-bosnia-and/
MICROCAPITAL BRIEF: Through its Dexia MicroCredit Fund (DMCF), Swiss Asset Manager BlueOrchard Finance to Provide $5m Loan to Microfinance Provider Belarusian Bank for Small Business (BBSB), April 20, 2010: https://www.microcapital.org/microcapital-brief-blueorchard-finance-a-swiss-asset-management-company-to-provide-5m-loan-to-belarusian-bank-for-small-business-bbsb-a-microfinance-institution-mfi-through-its-dexia-microcr/
MICROCAPITAL BRIEF: National Bank of Belarus, United Nations Development Programme (UNDP) Set Up Council on Microfinance Sector Development, December 9, 2009: https://www.microcapital.org/microcapital-brief-national-bank-of-belarus-united-nations-development-programme-undp-set-up-council-on-microfinance-sector-development/
MicroCapital Universe Profile: International Finance Corporation (IFC): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29
Browse the MicroCapital Universe and add your entry to the wiki https://www.microcapital.org/microfinanceuniverse/
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