ANNOUNCED AS TEMPORARYNo
In June 2011, the government of Belarus created the Belarusian Development Bank to implement its industrial policies.
On June 21, 2011, the President of the Republic of Belarus, Mr Lukashenko, approved Decree 261 concerning the creation of a Joint-stock company "Development Bank of the Republic of Belarus" (JSC DBRB). According to article 1.1 of Presidential Decree 261, the founders of JSC DBRB are the National Bank of Belarus and the Council of Ministers of Belarus. According to article 1.2, the main tasks of JSC DBRB are to:
1. Facilitate the financing of projects being part of state programmes that are approved by the President and (or) the Government of the Republic of Belarus, by providing loans in the manner, prescribed by the Council of Ministers and approved by the President of the Republic of Belarus;
2. Acquire banks assets in accordance with a list of such assets and procedures, adopted by the Council of Ministers of the Republic of Belarus. For the purposes of Presidential Decree 261, the term 'asset' refers to bank loans extended until January 2011 in accordance with resolutions of the President or the Government of the Republic of Belarus.
JSC DBRB can provide state loans under the market rate (see related GTA Measure #4011). Through this channel, this state measure is likely to harm foreign commercial interests.
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