OREANDA-NEWS. January 27, 2012. The Government of Belarus and the National Bank of Belarus (NBB) have adopted a joint resolution, which stipulates the terms and conditions of credit support to be provided by OJSC Belarus Development Bank for projects standing on the government’s list of priority programmes.

The joint resolution empowers the bank to finance state programmes on its own behalf and at its own expense.

In line with the joint resolution, the Development Bank shall prioritize housing projects in rural areas, agribusiness development, high-tech production. The role of the bank will be to provide low-interest credits, both in Belarusian rubles and foreign currency.

The Development Bank was established on June 21, 2011 after Belarusian President Alexander Lukashenko signed ordinance #261 to create open joint-stock company Bank of Development of the Republic of Belarus.

The Development Bank is Belarus’ agent bank to service and repay state loans and external loans attracted against a government security and extended to finance projects included in state programs.

The creation of the Development Bank and introduction of the special investment mechanism will increase the efficiency of projects included in state programs and reduce costs and timeframes.