57867

             Republic of Belarus: Road Upgrading and Modernization Project

                              SUMMARY OF DISCUSSION*

                             Meeting of the Executive Directors
                                    November 11, 2010

The Executive Directors approved a loan to the Republic of Belarus for the Road Upgrading and
Modernization Project (Loan No. 7971-BY) in the amount of US$150 million on the payment
terms and conditions set out in the President's Memorandum (R2010-0252). The minutes will
reflect that Mr. Solomon wished to be recorded as abstaining.

Directors expressed support for the project, noting that it is consistent with the FY08-11 CAS
objectives to assist Belarus to enhance the competitiveness of its economy. They noted that the
country's geographical position between the Russian Federation and Western Europe presents a
significant opportunity in light of its overall well-developed transport infrastructure. They
welcomed the project's focus on reducing transport costs for goods and services, improving
governance in the road sector, and strengthening institutional capacity. Speakers noted the
mitigation measures to offset risks in financial management and procurement, acknowledging the
capacity constraints on certain transport routes and corridors.




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*This summary is not an approved record.