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Belarusky Narodny Bank concluded the next agreement to raise EUR 10 million
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Belarusky Narodny Bank concluded the next agreement to raise EUR 10 million

Belarusky Narodny Bank concluded the third agreement with microfinance investment company INCOFIN CVBA (Belgium) – Fund Adviser for the IIV Mikrofinanzfonds (Germany) for raising the loan in the total amount of EUR 10 million.

Funds are provided to BNB-Bank for a period of up to 30 month for further development of lending programs to micro and small entrepreneurs in Belarus.

It is not the first year of successful cooperation with INCOFIN and we are sincerely glad to sign the new loan agreement for EUR 10 million. During the period of our collaboration that started in 2014 the bank has raised funds in the total amount of more than EUR 20 million. We highly appreciate the trust of our partners and express our gratitude for supporting our strategy aimed at the development of micro, small and medium enterprises in Belarus”, commented Chief Executive Officer of Belarusky Narodny Bank Constantine Tsereteli.

BNB-Bank being the unique bank that first in Belarus came into the spotlight in the sphere of supporting micro, small and medium enterprises attaches special importance to the development of cooperation with international institutions, and we have undoubtedly achieved considerable success in this field over the past five years. It is pleasant to realize that bank’s mission is shared by financial companies focused on providing socially responsible financing”, added Deputy Chief Executive Officer Siarhei Sabuk.

About IIV Mikrofinanzfonds

IIV Mikrofinanzfonds is a German fund investing in financial institutions for microlending in developing countries. Currently it is funding organizations in more than 40 countries worldwide.

At the same time IIV Mikrofinanzfonds activities are aimed at a balanced mixture of financial and social results. The Fund attaches great importance to the social tasks of the organizations that it supports. Only those financial institutions that do have a positive impact on their customers, the target segment and the economies of the countries can apply for IIV Mikrofinanzfonds’s investments.

Fund IIV Mikrofinanzfonds is the first joint fund for microfinance registered in Germany. Its activities are concentrated mainly in Africa, Asia and Latin America, as well as in Eastern Europe, the Caucasus and Central Asia.

About Incofin

Microfinance investment company Incofin IM (Belgium) manages a number of investment funds aiming at investing and providing technical service to microfinance organizations, banks, specializing in lending to micro, small and medium-sized businesses, as well as to the companies of the agricultural sector. Investment is aimed at implementation of socially efficient programs, as well as other fields of sustainable growth including financing and support of micro and small businesses in emerging markets. Through Incofin IM's head office, located in Belgium, and offices located in Colombia, Kenya, Cambodia and India the company provides financing and support for investment in more than 40 countries.

About Belarusky Narodny Bank

Belarusky Narodny Bank (BNB-Bank) was established in 1992. Its head office is located in Minsk, Niezaleznasci Ave., 87а. Seventeen service centers of BNB-Bank are located in 6 cities of Belarus (Minsk, Gomel, Brest, Vitebsk, Grodno, Mogilev). The major shareholders are Bank of Georgia (94,99%) and IFC (about 5%). BNB-Bank provides wide range of services to legal entities and individuals. Support of micro, small and medium businesses is the major strategic goal of the bank.

In 2014 Belarusky Narodny Bank launched “SMArt Business” program for support of SMEs in Belarus with the motto “Art of running business” which comprehends a combination of different financial and non-financial services in the single package. Main aims of the program are:

1) to provide and broaden access of SMEs to financing;

2) to improve and raise standards of service quality;

3) to create and develop the platform of experience exchange between entrepreneurs.

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