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EBRD, Belorusneft sign memorandum of understanding

Economy 04.12.2019 | 19:15
Matteo Patrone
Matteo Patrone

MINSK, 4 December (BelTA) – The European Bank for Reconstruction and Development and the Belarusian industrial group Belorusneft signed a memorandum of understanding in Minsk on 4 December, BelTA has learned.

The memorandum deals with Belorusneft's investment program, which may finance the construction and expansion of a chain of electric car charging stations in Belarus.

EBRD Managing Director for Eastern Europe and the Caucasus Matteo Patrone told media that the signing of the memorandum signifies the establishment of a partnership with Belorusneft. “We will help prepare the feasibility study for evaluating the project. We hope it will ultimately result in our financing or co-financing such a project,” he added.

Plans have been made to start preparing the feasibility study in early 2020.

The EBRD is a multilateral bank fostering the development of the private sector and entrepreneurship initiatives. The bank's shareholders are 69 countries as well as the European Union and the European Investment Bank. The EBRD is the largest institutional investor in the Belarusian economy. So far the EBRD has invested about €2.7 billion in more than 120 projects in various branches of the national economy.

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