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from 10.04.2020

International Financial Center project in Minsk reaches construction stage

Major work has begun on the construction site of the Minsk World International Financial Center which will become the business dominant of the new multifunctional complex Minsk World. It is also intended to act as a catalyst for the country's economic development. Deputy Prime Minister Vladimir Kukharev visited the construction site.

Construction of a foundation pit is currently in progress: soil is taken out, piles are driven. The construction site is located almost in the center of the future complex, next to the Emirates Lux quarter - the first one in the Minsk World complex to be fully ready. The construction project is slated for completion this autumn.

The concept of the Minsk World IFC suggests attracting large global investors, which will enable Belarus to take a leading role in the economic development of the region in the near future and become the most competitive and interesting country on the continent in terms of investment. The IFC is intended to become a bridge between the European Union and the EAEU and also the efficient economies of the Middle East and the Far East.

In addition to that, the Minsk World International Financial Center means thousands of direct and indirect jobs for Belarusians. “The IFC is designed to show that Belarus is the country where you can strike big deals and see the world's biggest companies,” Deputy Prime Minister Vladimir Kukharev noted.

The establishment of the International Financial Center in Minsk will generate considerable benefits in the long term, Vladimir Kukharev underlined. The implementation of such an ambitious project was preceded by painstaking preliminary work, including design effort, study of international construction practices. “This stage is over now. We are about to embark on construction. We see that the work has been organized well. This will be great experience for Belarusian construction specialists as they will be able to study international practices of building such facilities. We hope that the work will be done in line with the schedule. We also hope that the center will soon welcome representatives of international companies. Naturally, this will result in establishment of new financial institutions in the Republic of Belarus and give a serious impetus to the country's economic growth,” Vladimir Kukharev believes.

According to the deputy premier, the country is interested in completing this construction project as soon as possible. It is time to start negotiations with big international companies and invite them to open their offices in Belarus. The developer is absolutely ready to fulfill the task. “We hope that the International Financial Center will raise our economic sector onto a brand new level. We are working in three shifts. Plans are in place to meet the deadline ahead of schedule,” said Dana Holdings Vice President Svetlana Shchetko.

The deputy prime minister inspected the progress in the construction of the Minsk World complex which was recognized as the largest complex in Europe. Its construction is underway at the site of the former Minsk 1 Airport which covers the area of 340 hectares. The project envisages the construction of three million square meters of residential, commercial and administrative buildings. Construction works are in full swing in 14 quarters of the future complex. Apartments in nine quarters are on sale. These are over 60 houses, and apartments in many of them have already been sold out.

A new neighborhood is taking shape in the Belarusian capital. The country's largest shopping and entertainment center will be built next to the Minsk World International Financial Center. The area of the shopping mall will be twice as large as the Dana Mall shopping center. The new Aerodromnaya metro station is under construction nearby as well.

The third metro line is under construction near the complex

According to Vladimir Kukharev, the construction of the metro is fully on track. “Plans are in place to finish the construction of the new metro ine in two years, which will help us develop this part of the city more vigorously, attracting more residents and businesses. The new metro line will also give a boost to the city's transport infrastructure as metro is the fastest and most popular type of transport,” Vladimir Kukharev noted.

He stressed that the new complex uses the innovative approach to construction of residential buildings. “Completely different approaches are used in housing construction. We see that the complex offers the best living experience – car-free courtyards, good children's playgrounds, and green areas that will make residents feel at home here. It is very important. Of course, the construction of so much housing also helps solve the housing problem in Minsk,” Vladimir Kukharev said.

Another important matter is ensuring stable performance of the construction industry, especially in view of alarming news from Europe, where almost all construction projects have been put on hold due to the coronavirus crisis. In Belarus, the construction industry is self-reliant, so it can respond to all challenges. According to Chairman of the Board of Directors of Dana Holdings Vibor Mulic, more than 20 general contractors and around 1,000 subcontractors are working at the company's construction sites. This is tens of thousands of jobs, which is very important for the economy of the country in general. “Apart from that, we keep many Belarusian manufacturers busy. Last year we bought a large batch of Belarusian construction vehicles based on MAZ chassis. As much as 95% of all the construction materials and finishing materials are of Belarusian make,” the company's representative noted.

According to Vibor Mulic, the world crisis is an opportunity to emphasize advantages of the Belarusian economic and social model in comparison with neo-liberal views of the West. This is why the developer tries to work ahead of schedule instead of simply staying on schedule. Two apartment buildings have already been commissioned ahead of schedule and investments in construction will only grow larger. “In Belarus our company is stepping up the volume of construction and invites new contractors. Apart from that, we offer discounts, deals, and great loan programs to customers. Our company invests considerable proprietary resources in the construction of apartment buildings in order to provide customers with an option to buy the apartments via long-term installment plans. These are not investments simply in construction. These are investments in Belarusian families, who can now afford a zero-interest 10-year-long installment plan to buy an apartment by paying as much as renting it would cost. We intend to invest at least $100 million in the residential complex Minsk World alone by the end of the year. In addition to great payment options we are introducing modern forms of buying. For instance, customers can now select and buy an apartment without leaving their home. We are convinced that every Belarusian family with a stable income should have an opportunity to acquire an apartment of their own!” Vibor Mulic stressed.