The EBRD Board of Governors unanimously decided May 10 to re-orient its business to Russia, the Balkan countries, the Commonwealth of Independent States that includes former Soviet republics except the Baltic states, and Central Asia. The EBRD officially announced its decision at its 15th annual meeting that opened in London Sunday.
EBRD Acting First Vice President Steven Kaempfer said this was an historic moment because the bank was launching a new five-year strategy of its operations.
He said Russia's share in the EBRD's operations was 26% in 2005.
According to the EBRD, its Board of Governors recognized considerable achievements made by countries in central and eastern Europe in their transition to a market economy. Many of these countries have become or will soon become members of the European Union. Therefore, the bank intends to exclude these countries from the area of its operations by 2010.
