EP to hear positive review of EBRD’s record

The European Parliament is scheduled at its 16 January plenary session to debate a “two thumbs up” report on the operative record of the European Bank for Reconstruction and Development.

The draft motion speaks in high terms of EBRD's "successful involvement in Central and Eastern Europe and the former CIS States", and recognizes the fact that EBRD, "unlike many other public investment banks, is involved in more than 800 medium-sized projects and is not pursuing a strategy of promoting large-scale, political motivated prestige projects".

The report, which enjoys the backing of the Committee on Economic and Monetary Affairs,

  • underlines that "despite the EBRD's active involvement in public- and private-sector projects in Eastern Europe which are fraught with risk, it has always received the highest rating (AAA) from rating agencies";
  • welcomes EBRD's "new strategy of focusing more on the least-developed countries in the Caucasus and in Central Asia";
  • recognizes the "outstanding results of the micro-financing projects (loans of EUR 8000 on average) and supports the EBRD's intention of extending this programme to all project countries"; and
  • welcomes the "significant increase in EBRD activities in Yugoslavia and calls on the EBRD, in the context of the Stability Pact for South Eastern Europe".

The report recommends, among others, that the EBRD

  • shift its focus gradually to more equity investment;
  • step up its investment in municipal projects;
  • "extend its network of local representations and set up regional offices, especially in Russia and the Ukraine, where there are huge regional disparities"; and
  • "take account of the objectives of the Lisbon strategy, as added to by the conclusions of the Göteborg European Council, when considering, monitoring and assessing the projects it finances".

 

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