Law
Firm

2 Feb 2021

Draft regulatory legal act as to participation of the Development Bank of the Republic of Belarus in venture capital financing is approved by several state bodies and organizations

Photo: Dmitry Brushko, TUT.BY

The National Bank of the Republic of Belarus, Ministry of Finance, Ministry of Economy, Administration of Hi-Tech Park and the State Committee on Science and Technology of the Republic of Belarus have approved a draft Edict "On the participation of the Development Bank of the Republic of Belarus in venture capital financing". It has been developed by the Development Bank of the Republic of Belarus and Aleinikov & Partners.

Since Decemder 29, 2019, Aleinikov & Partners has been advising the Development Bank of the Republic of Belarus in regard to venture capital financing pursuant to concluded legal services agreement.

The draft regulatory legal act grants the possibility of setting up a subsidiary company to the Development Bank to invest in start-ups. For the bank, becoming empowered to conduct equity financing will follow-up the bank's successfully implemented program to provide start-ups with debt financing.