EBRD Seeks 50% Rise In Capital To Assist Central And Eastern Europe - FT

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The European Bank for Reconstruction and Development has appealed for a 50% capital increase to mitigate the impact of the global economic crisis on central and eastern Europe, the Financial Times reported Monday.

The bank is asking for an extra EUR 10 billion to allow it to expand its lending and compensate for a sharp decline in private capital flows into the former communist countries.

In a letter to the bank's shareholder governments, EBRD president Thomas Mirow reportedly warned that while the region's economies have begun to stabilize, they have not done so uniformly and it would be premature to say that a general turnaround has begun. The crisis will have lasting repercussions.

The European Bank for Reconstruction and Development has appealed for a 50% capital increase to mitigate the impact of the global economic crisis on central and eastern Europe, the Financial Times reported Monday. (Market News Provided by RTTNews)