MINSK, 1st March, 2016 (WAM) — The Development Bank of the Republic of Belarus and the UNDP will sign a memorandum of understanding to stimulate local and regional economic development, Belarusian Telegraph Agency, BelTA, learned from the press service of the Development Bank.

The new format of cooperation between the UNDP and the Development Bank suggests co-financing of the initiatives to stimulate local and regional economic development. The memorandum will be signed on 1st March, the press service said.

The Development Bank explained that these initiatives will be aimed to create additional jobs in small and medium-sized towns, encouraging the development of small and medium-sized businesses and socially-oriented business, including women’s entrepreneurship.

In addition, they will aim to improve efficiency of social investment, creation of favourable conditions for the development of industrial cooperation in small and medium-sized towns. There are plans to finance training courses and seminars for entrepreneurs and government officials at the local level and other information activities, the press service noted.