EIB to halt lending to Belarus amid Lukashenko unrest
The European Investment Bank - the European Union’s lending arm - is to stop funding new projects in Belarus as part of the bloc’s response to the disputed re-election of President Alexander Lukashenko, a source close to the bank said.
The step comes amid ongoing international pressure on Lukashenko, who is turning to Russia for support to try and ride out the crisis.
The EIB has spent a total of €550 million ($652.14 million) in Belarus, having signed its first project in the country back in mid-2017. “There was a board meeting yesterday where it was made clear,” the source said on the condition of anonymity, adding that no projects had been in the pipeline.
The European Bank for Reconstruction and Development, which is majority-owned by EU countries and institutions, but also has Russia, the United States and other top governments as shareholders, said it was “deeply concerned” about the situation, though wouldn’t comment further on its lending. The EBRD invested €160 million in Belarus in the first half of 2020, more than double the €67 million it spent in the first half on 2019.
