On the Significance of Development Banks in the Economies of Post-Soviet Countries

After the collapse of the Soviet Union, each of the new countries which obtained sovereignty had to create a new economy and the respective banking system, as well as to establish international financial and economic relationship in order to ensure progressive social and economic development. The article analyzes the role of international and national development banks for the post-Soviet countries. The main conclusion is that international development banks made certain positive contribution to this process. However, the lack of own development banks, tendencies of the commercialization of state banks and general weakness of banking systems in the post-Soviet countries in terms of resources, along with mistakes in economic reforms, are the factors which give rise to economic problems and hinder further economic and social development in these countries. Establishing and strengthening national and regional development banks can be an important factor for such development.