Belarus joined the World Bank Group in 1992: International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and International Centre for Settlement of Investment Disputes (ICSID).
Mr. P.Prokopovich, Deputy Prime Minister of the Republic of Belarus is the Governor of the World Bank Group for the Republic of Belarus. Mr. N.Snopkov, Minister of Economy of the Republic of Belarus is the Deputy Governor of the World Bank Group for the Republic of Belarus. The World Bank Group Resident Representative Office was opened in Minsk in 1992.
Under the Resolution of the Council of Ministers of the Republic of Belarus No.1504 dated October 30, 2002, the Ministry of Economy of the Republic of Belarus is the key government body for cooperation of Belarus with the organization.
The World Bank Group's Country Partnership Strategy for Belarus for 2014-2017 fiscal years was approved by the Executive Directors of the World Bank on June 6, 2013.
In accordance with the Partnership Strategy, $380 million will be allocated by the International Bank for Reconstruction and Development and $140 million – by the International Finance Corporation for the implementation of the 2014-2015 years projects in Belarus.
World Bank Vice President for Europe and Central Asia Ms. Laura Tuck visited the Republic of Belarus on September 15-17, 2014. The implementation progress and prospects of the Country Partnership Strategy for Belarus, the implementation of ongoing investment projects have been discussed at meetings held by His Excellency Alexander G. Lukashenko, President of the Republic of Belarus, the Government, representatives of private sector. Projects on transport infrastructure and forestry development, totaling more than $300 million, seek the approval of the Executive Directors. The cooperation priorities for 2015 are projects in the area of public finance management, private sector development, small and medium enterprises, public services in education.
Implementation of the projects
On September 28, 2010 the Executive Directors of the World Bank approved an additional loan to Belarus for the Post-Chernobyl Recovery Project ($30 million).
Within the framework of this project there are two goals:
· Improving of energy efficiency: heat supply optimization (installation of energy efficient lamps; heat insulation of buildings etc.) in the social facilities on the contaminated territories of the Mogilev, Gomel and Brest regions.
· connection of individual homes, situated on the contaminated areas, to natural gas.
· overcoming of economic recession consequences and carrying out the reforms at the cost of consolidating of public assistance system;
· providing the basis for steady economic development at the cost of fostering private sector development and competitive recovery by means of economy liberalization and enforcement of financial discipline.
The loan is granted for 16 years with the grace period of 6 years.