EBRD: Ukraine tensions to influence growth in Eastern Europe and Caucasus

By: Gulgiz Dadashova, Aynur Jafarova

The European Bank for Reconstruction and Development (EBRD) invested €8.5 billion in 392 projects in 2013. The news was announced by EBRD President Suma Chakrabarti on May 14 at the EBRD’s Annual Meeting in Warsaw.

The investments helped drive transition forward. He also noted the EBRD’s net profit was €1.2 billion.

“While profit is not our ultimate objective, it is a reminder that our model is unusual amongst International Financial Institutions,” he said. “Our capital base is strong and we invest without needing to go back to our shareholders regularly to replenish our funds.”

Chakrabarti went on to stress that there was a continuing focus on the transition impact of the bank’s activities.

“Some 92 percent of the projects signed in 2013 were considered to have good or excellent transition impact potential,” he said.

An Azerbaijani delegation headed by Economy and Industry Minister Shahin Mustafayev is attending the EBRD’s 23rd Annual Meeting, held in Warsaw, Poland, on May 14-15.

Mustafayev is the EBRD’s governor from Azerbaijan.

The EBRD has been active in Azerbaijan since the country’s independence. To date, the bank has invested more than $2.5 billion in 146 projects across various sectors of Azerbaijan’s economy.

SOURCE: AZER NEWS

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