OREANDA-NEWS. July 14, 2010. Belarus will create a trust fund in association with the World Bank (WB) to support the National Investment and Privatization Agency (NIPA), WB Resident Representative in Belarus Ivan Velev told in Minsk.

“We already have USD 5 million that the Austrian government is ready to grant Belarus,” Velev said, adding that the World Bank would supervise the project.

He said the money would be used to support NIPA, especially pay for consultation services during tendering procedures.

President Alexander Lukashenko on May 25 signed ordinance #273 to establish NIPA.

The agency is based on the National Investment Agency (subordinate to the Economy Ministry), which is being reorganized.

NIPA will attract investments in Belarus, including through privatization of state property. NIPA will be subordinate to the government and accountable to the supervisory board, which will coordinate and control its work, and represent state interests in its investment attraction efforts.