Belarusian Economic Research and Outreach Center

Foreign Investment: Measures to Improve the Investment Climate


In 2016, potential investors’ interest in Belarus continued to decline. The problem of access to financing in the form of loans was growing, affecting the possibility of floating sovereign Eurobonds internationally. There were signs that the government finally realized that the country needed a better image to foster investment and issued a number of bills to facilitate raising funds.


  • Low activity in the M&A market, cessation of privatization;
  • Difficulties in accessing foreign loans;
  • Lack of dynamics in the portfolio investment market;
  • Intensive adoption of legislative acts aimed at increasing the country’s investment potential.


In 2016, the government planned to obtain around USD 4.3 billion in foreign investments, including 3.2 billion in loans from foreign banks. Actual data on the financial account of the balance of payments in 2016 showed unsatisfactory results in attracting foreign capital.

Over the past year, foreign direct investment amounted to USD 1.234 billion,  being down 25% year-on-year (1.652 billion were raised in 2015). The main proportion was made up by reinvested earnings (706 million), rather than new technologies or production (377 million).

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