OREANDA-NEWS. On 25 December 2008 was announced, that Belarus will be using the National Development Fund to support large export-oriented productions in conditions of the global financial crisis, Prime Minister Sergei Sidorsky told the Council of Ministers.

“We created the Fund for this purpose, namely, to accumulate excess profits of state companies, so support for various economic sectors will be provided from this Fund, among other sources,” the premier said.

“We will back export-oriented producers for them to maximize currency proceeds. We will not give money to everyone,” he added.

Sidorsky said state financing would be used to reduce loan rates for state borrowers in 2009.

The National Development Fund was established in December 2005 in pursuance of presidential ordinance #637. The Fund provides financing for the key social projects, strategic economic projects and long-term national investment projects.

The Belarusian government approved the list of 95 state-run companies that will have to transfer a total of 491.75 billion Belarusian rubles (Br) of excess profits to the National Development Fund in 2008.