Small and medium-sized enterprises (SMEs) play a crucial role for job creation, and economic growth around the world. Considering this important role, and based on the increased awareness on the part of the Belarus government to ensure that viable SMEs in the country have access to the credit in order to expand and achieve aforementioned goals, a full-fledged secured transactions reform is under implementation. The reform focuses on the creation of an appropriate legal framework for secured transactions and the improvement of an electronic centralized collateral registry for security interests in movable property which will greatly increase private sector access to credit, particularly SMEs, and enhance the financial sustainability of the financial sector in Belarus. A capacity building on the reforms undertaken directed to the main group of public and private stakeholders is also envisaged. The detailed activities for Belarus STCR Project include: (see M&E plan for more info) This four-year project aims to support an increased level of finance to MSMEs in Belarus through strengthening secured transactions legal, regulatory and institutional framework creating awareness among various stakeholders on the utilization of the registry. Three components are envisaged that mirror the market gaps identified previously: Component 1: Stakeholder engagement and Market awareness Under this component, the project team will closely work with Policy Makers, Government entities, legal and enforcement authorities, Banks Associations, Financial institutions (FIs), business community and other stakeholders to raise awareness and build capacity. Stakeholder engagement will be in the form of Workshops/seminars and publications on the proposed reform and its benefits for different stakeholder groups. Besides, the Project will support financial institutions in development movable assets based lending through financial sector trainings on movable asset-based financing and after the implementation of the full-fledged reform, exploring firm level engagement with financial institutions on asset based lending. Component 2: Legal/Regulatory Reform A decree regulating secured transactions and mandating the setting up of a collateral registry in the country, has been signed by the President of Belarus back in 2015. Although the decree was enacted the comprehensive legal reform need to be finalized by completing fragmented legal framework. Updated and complete framework will fill missing gaps in creation, perfection and enforcement of security interests on other movable collaterals than pledges. Component 3: Design and implementation of the Collateral Registry The main objective of this activity is to support the NBB with system improvement and capacity building. The NBB is the client for this activity as the owner of the registry. The client fully supports the Project and expecting Project's launch to get technical assistance. The intent is to have a functional collateral registry operating at the end of the project.