EEMEA market round up: EBRD raises investment target
In response to the impact of the global economic crisis on central and eastern Europe, the European Bank for Reconstruction and Development is looking to increase its investments in 2009. EBRD president Thomas Mirow has outlined a proposal to invest up to €7 billion, a record amount for any single year since the bank was founded and 20% higher than previously planned. As EBRD investments have typically attracted additional funding from commercial partners of at least 2:1, EBRD-led financing could exceed €20 billion in 2009.
As well as specific focus on the western Balkans and less economically advanced countries in the Caucasus and in central Asia, the EBRD plans to reverse a recent decline in investments to central Europe, with up to half of the additional planned spending dedicated there.