The necessary legal base has been created to attract investments into small and medium towns, Prime Minister of Belarus Sergei Sidorsky told a seminar of executives of national and local state administration bodies on November 29.

The legal acts allow stimulating the development of entrepreneurship initiative in provinces, creation of new jobs and favourable living standards for people, said Sergei Sidorsky. For example, decree No 266 provides for the possibility of giving financial aid at the expense of the national and local budgets to the juridical persons and individual entrepreneurs that implement investment projects in small towns. They are given privileges as partial reimbursement of interest fees for the loans they take.

Besides, for the sake of attracting new investments into small towns the President of Belarus backed the proposal of regional executive committees concerning the possibility of transferring taxes and fees (except for VAT) paid by the companies recreated in 2007 to local state budgets in 2007-2010. The option can be introduced into the 2007 budget.