Development Bank of Belarus formalises links with innovation fund

Development Bank of Belarus and the Belarusian Innovation Fund have signed a cooperation agreement. The pair have implemented and co-financed joint projects in the past, but they had no formalised system of cooperation, financial support and exchange of expertise. The Belarusian Innovation Fund uses resources of the national innovation fund to finance projects on a repayable basis. The annual average volume of the fund amounts to around Br20 million ($7.7 million).