In November 1992 the Republic of Belarus was the first among the CIS countries to sign the relevant agreements and became a member of the World Bank Group and its member-organizations, including the International Finance Corporation (IFC). This marked the beginning of full cooperation with these powerful and authoritative intergovernmental international organizations.
Due to sustainable partnerships with IFC, Belarus had the opportunity to use its potential for timely and successful economic reforms towards the market-oriented economy.
The Republic of Belarus has developed long-term experience of constructive cooperation with IFC. This international organization is one of the largest investors, as well as the major expert in the issues of improving the regulatory environment for business in the Republic of Belarus.
During the collaboration with Belarus IFC has invested over 600 million US dollars in 50 investment projects devoted to the development of private sector, as and allocation of funding to commercial banks for on-lending to small and medium-sized businesses. IFC has been also providing advisory assistance to the Government of the Republic of Belarus on the following issues: simplification of administrative procedures which regulate the activities of small and medium-sized businesses, improving conditions for attracting foreign direct investment, creation of an electronic register of administrative procedures and improving the food safety system.