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EBRD's shareholder representatives visit Yugoslavia
Representatives of the shareholders of the European Bank for Reconstruction and Development arrive in the Federal Republic of Yugoslavia on Sunday to assess the economic and political progress the country is making towards a democratic market economy. During a five-day visit, the delegation of EBRD Directors will visit the Republics of Serbia and Montenegro and meet with Federal President Vojislav Kostunica.
The Board of Directors represents the EBRD's 62 shareholders - 60 countries plus the European Community and the European Investment Bank. The Board approves all EBRD investments. Their visit aims to underline the EBRD's commitment to further support private-sector investments in Yugoslavia, as well as to help Directors better understand the country's investment climate and reform efforts as the Bank starts preparing a formal new strategy for Yugoslavia.
The EBRD is a major investor in Yugoslavia, with cumulative commitments of €235 million. These investments were strongly supported by the EBRD's donors with co-financing and funding for technical cooperation. Directors will visit several EBRD projects including the Micro Finance Bank and the Tigar Tyre Company, in which the EBRD invested last year, one of the first private sector investments by a foreign investor. Directors will meet with government officials from both Republics as well as business people, local international officials and non-governmental organisations.
The delegation will include Jan Krzysztof Bielecki, Director for Poland, Bulgaria and Albania; Joaquin de la Infiesta, Spain and Mexico; Michael Flynn, Ireland, Denmark and Lithuania; Laurent Guye, Switzerland, Turkey, Liechtenstein, Uzbekistan, Kyrgyzstan, Azerbaijan, Turkmenistan and the Federal Republic of Yugoslavia; Tor Hernaes, Norway, Finland and Latvia; Norbert Radermacher, Germany; Bernard Snoy, Belgium, Luxembourg and Slovenia; and Gary Johnston, representing Korea, Australia, New Zealand and Egypt.
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