No money for dictatorship from EBRD

The European Bank for Reconstruction and Development “recalibrated” the Belarus strategy adopted on December 2009.

In accordance with a statement on the EBRD website, the Bank underlines its refusal to support the Belarusian authorities: “No support to the Belarusian central authorities: No support, either financial or technical, will be extended to the Belarus central authorities or central state in any manner,” the calibrated strategy says.

In this connection, the Bank will no longer consider investments in public sector projects in power or transport infrastructure, nor will it consider direct public sector engagement in the area of sustainable energy. Other conditions – for example with regards to working with state-owned banks or in privatization and pre-privatization support – have also been tightened to remain in conformity with the criteria noted above.

As a result of another “recalibration”, the EBRD will again focus only on supporting public sector in Belarus, including extending programmes to finance private business. EBRD confirmed its readiness to participate in ecological projects in partnership with other international organizations.

The EBRD also announced “supporting the Belarusian people”. The Bank will focus its operations on projects that “improve the living conditions of the Belarusian people”.

“The EBRD continues to urge the Belarusian authorities to make progress on the path of democratic and market-oriented reform, in accordance with its commitments under Article 1 of the Agreement Establishing the Bank. Policy dialogue with the authorities will continue to focus in these areas. At the next review, in 2012, the EBRD Board will take stock of political and economic developments and will have an opportunity to consider again the appropriate calibration of the Bank’s Strategy,” the statement says.

In December 2009, the EBRD approved the calibrated Strategy for Belarus, which enables the Bank to cooperate with the country’s state sector.

In April 2011, the EBRD reviewed the Bank’s operations and the country’s adherence to political and economic benchmarks.

“Some progress was noted in the economic sphere, however, due to the negative political developments surrounding the December 2010 presidential election and the international community’s continuing concerns regarding treatment of the political opposition, civil society and independent media in Belarus, the EBRD’s Board of Directors has decided to “recalibrate” the Bank’s operational approach to Belarus within its existing Strategy,” the statement says.

The EBRD Board of Directors held their 20th meeting in Astana on May 20-21. The meeting was attended by the Belarusian delegation led by Minister of Economy Mikalai Snapkou.

Belarus made the country’s presentation “Belarus: initiative - investments – partnership”.

The EBRD said in December 2010, the Strategy for Belarus could be calibrated if the EU imposes sanctions on the country in response to the post-election crackdown on the opposition.