Minsk - Belarus plans to set up a development bank to provide financing for state programs, the country's finance minister, Andrei Kharkovets, said at a meeting on Wednesday.
"The plan is to create a Bank of Development to strengthen the financial sector," Kharkovets said.
Funding sources for the bank’s capital will be leftover government funds placed with commercial banks, repaid budget grants and credits, and proceeds from the privatization of state property.
Per an International Monetary Fund (IMF) initiative, Belarus has for a couple years been looking at the possibility of setting up a specialized financial agency whose main function would be financing state programs. The country has decided against doing so, opting instead to found a development bank.
