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EBRD invests EUR 9 bln in 2010

Autor: mses
ZAGREB/LONDON, Jan 17 (Hina) - The European Bank for Reconstruction and Development (EBRD) made investments in a record amount of nine billion euros in 2010, compared with 7.9 billion a year earlier, the bank said in a press release on Monday.

"The number of project signings leapt by nearly one quarter to a new high of 386 from 311 in 2009 as the Bank worked to boost the process of economic reform especially in the less advanced countries of the Caucasus and Central Asia and in the western Balkans," reads the press release.

EBRD President Thomas Mirow was quoted as saying that "the EBRD has reached out more effectively than ever before to the economies that most need our support. By sharply increasing the number of individual transactions the EBRD has further supported the process of economic transformation across its countries of operations, a crucial step to help protect the burgeoning economic recovery."

The bank invested EUR 1.5 billion in the economies of Central Europe and the Baltics last year, close to the EUR 1.6 billion seen in 2009.

The bank financed 71 projects in the Western Balkans and those investments exceeded one billion euros.

"Backed with a strong pipeline of upcoming projects, the EBRD aims to maintain a robust level of investments in 2011 of between EUR 8 to 9 billion, while also working with authorities and via its projects to promote further reforms that are crucial as the region recovers from the crisis and prepares for more sustainable growth in the future."

The EBRD expects "a net profit in excess of EUR 1 billion for 2010 after a net loss of EUR 746 million in 2009."

This positive result can be ascribed to the beginning of the recovery in the region covered by EBRD investments and "is mainly due to an increase in the value of the Bank's equity holdings, lower loan loss provisions and strong growth in net interest income on loans, whilst administrative expenditure was kept under control."

(Hina) ms

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