Belarus to find new investor for Minsk City project

    A new investor will be found to implement the Minsk City Business Center project. The decision was made on 16 February after President of Belarus Aleksandr Lukashenko was informed about the fulfillment of his instructions regarding the construction of this multifunctional facility.

    Aleksandr Lukashenko stressed that a government session had been held to discuss the issue five months before. Reports of the Chairman of the State Control Committee, the Chairman of Minsk City Hall, and the Prime Minister were heard out back then. Aleksandr Lukashenko said: “We discussed all the matters back then and made the relevant decisions”.

    Yet the customer of SOOO Minsk City, which main founder is the group of companies Itera, is slow to implement the project. The investor has not managed to change the present situation.

    About 0.5% out of the declared investment volume of Br25.6 trillion has been assimilated since the project began. The relocation of the Minsk aircraft repair plant and the construction of an aircraft maintenance and repair facility are the top problems.

    The press service of the Belarusian head of state quoted Aleksandr Lukashenko as saying at the government session in September 2011: “Deadlines will be shifted no more! No more preferences will be granted. Things will stay the way they are now. If you can build it, go ahead. If you cannot, come and tell us that you cannot build in these conditions”.

    Back then Aleksandr Lukashenko warned that radical decisions would be made in early 2012 if the investor failed to work properly.

    At the discussion that took place on 16 February 2012 the President of Belarus was once again dissatisfied with the progress of preparations and the implementation of the investment project.

    “A decision has been made it is necessary to terminate relations between the existing investor and the Republic of Belarus. We have several offers submitted by other investment companies from different countries. They will be invited to join the project on the terms initially stipulated for the existing investor. We will get on it fast and the relevant proposal will be submitted to investment companies,” Minsk mayor Nikolai Ladutko said.

    The city administration has been instructed to establish relations between these companies and the Minsk City Executive Committee acting on behalf of the Republic of Belarus within a month. If some terms the new investors may offer do not satisfy the Belarusian side, the Minsk City Executive Committee will set up a company to take care of the investment project implementation.

    “Belarus has the opportunities and the potential. This place in the central part of the Belarusian capital city is rather in demand. The offers we are getting these days indicate the project will be implemented as per the specifications determined by the head of state when the decision to develop the territory was made,” the Minsk mayor said.