EBRD adopts crisis response package

TIRANA, Dec 11 – The EBRD Board of Directors approved the 2009 Business Plan and Budget which allows for an increase of the Bank’s annual business volume in 2009 of about 20 per cent to approximately 7 billion Euros. Half of the 1 billion Euros in extra spending are earmarked for central and Eastern Europe.
The increase in funding comes as part of the EBRD’s response to the impact of the global financial crisis on the Bank’s countries of operations.
The Bank’s response will be especially to support the banking sectors in the countries where the EBRD invests and to ensure that financing flows continue, in particular to small and medium sized enterprises. The EBRD will also extend its support to the broader corporate sector.
The crisis response package also includes an expansion of the Bank’s Trade Facilitation Programme which plays a crucial in keep trade flowing to and from the region in times of severely restricted access to finance.
The envisaged increase of the EBRD’s funding in 2009 will be fully financed from the Bank’s reserves. No capital increase or any other additional contributions from the Bank’s shareholders have been requested or are needed. (Tirana Times Staff)