Microfinance Sector Development Concept Introduced in Belarus

Nov 2009
Minsk, Belarus, November, 26 2009 - The concept of microfinance sector development in the Republic of Belarus for 2010-2015 has been drafted, BelTA learnt from Yury Malafei, the manager of the National Bank of Belarus and the UNDP joint project “Assisting the development of the microfinance sector in the Republic of Belarus”.

The Council on Microfinance Sector Development in Belarus, which has been set up within the framework of the joint project of the National Bank of Belarus and the UNDP, has approved the final version of the microfinance sector development concept. “We have considered and approved the final version of the concept. We have recommended the National Bank of Belarus to send the document for the government’s consideration in the nearest future”, said Yury Malafei. An action plan to the concept has been also drafted.

The member of the Supervisory Board of the Russian Microfinance Center, one of the chief developers of the concept of microfinance development in Belarus, Marat Ovchiyan, said that the document generalizes the situation in this sector in Belarus. “The concept recommends certain actions which need to be taken in the mid-term perspective. In particular the document recommends adjusting the legislation especially the one governing the relations between credit unions”, said Marat Ovchiyan. Different forms of microfinance institutions are also expected to be created in Belarus.

Yury Malafei reminded that the joint project on international technical assistance for the microfinance development in Belarus was launched in 2008. It is aimed at assisting the development of the microfinance sector in Belarus. This project includes development of the legislative framework for microfinance institutions, training of specialists with the help of foreign experts. Another pilot project deals with raising the financial awareness of people. Twenty-two specialists from all the Belarusian oblasts have already taken the courses conducted by foreign experts. The first seminar “Plan your financial future” for people with moderate income has already been held in Slonim.

Source : Belta

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