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The European Bank for Reconstruction and Development decided to raise the investment to EUR 8 billion in 2009, reflecting the continuing effects of the global financial crisis and increased demand for financing.
Annual investment volume, thus increased by EUR 1 billion to a record EUR 8 billion, bringing the target for 2009 to 52% more than the Bank had invested in 2008, the EBRD reported Tuesday. Plans for increased spending follow the appeal by the G20 nations to international financial institutions to make full use of their capacity.
The EBRD report showed that the bank's annual business volume surged 95% to EUR 5.8 billion by the end of August 2009. The Bank's Board of Directors said the additional funds would help the bank to continue to respond strongly to the increased requirements of its clients by supporting the banking sectors and ensuring continuous flow of finance.
EBRD President Thomas Mirow said, "Our investments so far this year underscore that commitment".
The envisaged increase in funding for 2009 will be financed from reserves of the bank. Additionally, the shareholders of the Bank are reviewing the long-term capital requirements of the EBRD to ensure that it has adequate funding for the years to come.
The international financial institution, EBRD supports projects in 30 nations from central Europe to central Asia.
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