Belarus Development Bank, UNDP sign memorandum of understanding

Sanaka Samarasinha and Sergei Rumas during the signing ceremony

MINSK, 1 March (BelTA) – The Development Bank of the Republic of Belarus and the UNDP have signed a memorandum of understanding, BelTA has learned.

“This memorandum is of much importance. It is for the first time in Belarus' history that the UNDP has signed an official document with a Belarusian financial institution. The Development Bank joined the efforts to support small and medium-sized businesses several years ago, and we have already made the first steps in this direction. We will continue this work in cooperation with the UNDP,” Chairman of the Board of the Development Bank Sergei Rumas stressed.

The new format of cooperation between the UNDP and the Development Bank suggests co-financing of the initiatives to stimulate local and regional economic development. These initiatives will be aimed at creating additional jobs in small and medium-sized towns, encouraging the development of small and medium-sized businesses and socially-oriented business, including women's entrepreneurship.

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