European Bank for reconstruction and development is ready to Finance supplier projects for IKEA in Belarus

According to the Belarusian Telegraph Agency (BelTA), the European Bank for reconstruction and development (EBRD) is ready to Finance supplier projects for IKEA in Belarus, taking into account the company’s plans to place new production in the country.

As the head of the EBRD representative office in Belarus Alexander Pivovarsky stressed, “we are talking about a variety of suppliers, but mainly the furniture sector. The interest in Swedish concern to the Belarusian market is largely may contribute to the development of private business. Now in “IKEA Belarus” is advertised as a direction for investment and placement of production. In Scandinavia, it has become expensive, so the Republic among the suppliers is moving as”the direction of the future”.

EBRD representatives said that the Bank is ready to Finance any projects that will be implemented in Belarus in terms of working with IKEA. The EBRD can also provide Advisory support. For Belarusian companies, cooperation with IKEA will provide guaranteed sales, as well as help in building up various competencies, including for working in international markets. The average age of cooperation between IKEA and the company is about 11 years, which helps companies grow in terms of economy, sales, entering new markets. The European Bank for reconstruction and development is a multilateral Bank promoting private sector development and entrepreneurship in 38 economies on three continents. The Bank’s shareholders are 67 countries, as well as the EU and the European Investment Bank. In General, since its inception in Belarus in 1992, the EBRD has invested more than 2.4 billion euros in 115 projects in various sectors of the country’s economy.

Recall that in Belarus produce about 30 % of the total volume of plywood for IKEA furniture, and the amount of annual contracts reached 80 million euros.