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Country data

9.7 million
207,600 sq km
Belarussian rouble

Key developments and challenges

  • The macroeconomic situation deteriorated once again, as the external environment worsened and monetary and fiscal policies were loosened. Output growth has remained slow, as external and domestic demand contracted. Low central bank reserves, limited access to external funding and the recent rapid build-up of foreign currency loans in the banking system are all significant potential sources of instability.
  • The privatisation process remained stalled and some privatisations were reversed. The government took over ownership of two previously privatised enterprises, and is contemplating legislation that would allow government representatives to influence the decisions of privatised enterprises on behalf of the minority shareholders.
  • The commercial sector continued to be dominated by the state-owned banks, and directed lending increased. In addition to taking over some of the stock of the previously accumulated directed loans from other banks’ balance sheets, the newly created Development Bank has engaged in new directed lending operations.

Belarus in the 2013 Transition Report

Building in Belarus

Our work in Belarus

In response to negative political developments, the Bank’s operations in Belarus have been recalibrated to focus on the private sector.


Key facts about the EBRD's work in Belarus

No. of projects


Net EBRD investment

€1,464 million

Gross disbursements

€692 million

Portfolio in private sector



Last updated 30 June 2014

View factsheet

Our strategy in Belarus

Since 1996 the Bank’s activities in the Republic of Belarus have been limited by the country’s uneven progress in democratic and market-oriented transition. Previous Country Strategies have highlighted concerns about the Belarusian authorities’ commitment to and application of the principles of multiparty democracy, pluralism and market economics, as contained in Article 1 of the Agreement Establishing the Bank. As a result of the difficult operational environment, the Bank’s engagement with Belarus has been constrained.

Read strategy


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