Belarus in talks with China’s Eximbank on venture capital financing
24 August 2010
MINSK (BelTA) – Belarus is holding negotiations with the Export-Import Bank of China on venture capital investing, Anatoly Grishanovich, Director of the Belarusian Innovation Fund, said in a session on implementing and financing venture projects at the State Science and Technology Committee on 24 August.
“There is an opportunity to develop cooperation with the China’s Eximbank in venture capital financing. There is an interesting proposal and an agreement to continue the effort,” Anatoly Grishanovich said.
According to Igor Voitov, Chairman of the State Science and Technology Committee, there are plans to introduce a system of venture capital financing in Belarus. The country is completing the development of a necessary legal framework for it. The mechanism of venture capital financing is to be introduced on 1 September 2010, according to him.
A law has been adopted to define the peculiarities of the venture capital financing system, the order of its development, activity and taxation of venture organizations. Under the document the Belarusian Innovation Fund has been made in charge of extra functions in financing venture projects.
Anatoly Grishanovich stressed that the Belarusian Innovation Fund is oriented at financing venture projects in the country’s high technologies for manufacturing market products and providing services. The Belarusian Innovation Fund injects funds in the projects with promising high commercial efficiency.
Investment projects can be financed only on terms of payback and return of investment funds within the five years since financing. At an early stage the venture capital financing system in the country envisages allocation of budget resources to the innovative organizations from the Belarusian Innovation Fund for the implementation of venture projects.