Decree No. 75 provides Belarusian regions with additional opportunities for attracting foreign investment

March 1, Minsk / Nadezhda Radivon - BELTA /. Decree No. 75 "On External Loans of Local Government and Self-Government Bodies" provides regions with additional opportunities for attracting foreign investment. This opinion was expressed to a BELTA correspondent by Nikolai Dubovik, Deputy Head of the Financial Department of the Minsk Regional Executive Committee. He noted that before the decree was issued, only republican management bodies could issue and place bonds outside Belarus. Now, this right has been granted to regional executive committees and the Minsk City Executive Committee within the debt limit established in the local budget for the relevant financial year. External loans will be directed towards the implementation of investment projects. Attracting investment in the economies of the regions, including net direct foreign investment, is one of the most important tasks for 2011 and the five-year plan, as large-scale projects are to be implemented both in the sphere of material production and in the development of infrastructure. The share of budget funds should significantly decrease, and other sources of financing will need to be sought. "In this regard, the issuance of Decree No. 75 is relevant; it is another mechanism for attracting foreign investment," said Nikolai Dubovik. As noted in the Economics Committee of the Minsk Regional Executive Committee, the Minsk region is already actively working on attracting foreign investment and holds leading positions in the republic in this regard. Investment projects with the participation of foreign investors are being implemented in the region, foreign credit lines and tied loans are being attracted, etc. In 2011, according to the forecast of socio-economic development, over $1 billion of foreign investment is expected to be attracted to the region. Decree No. 75 was published on February 28 and applies to relations that arose from January 1, 2011. -0-