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EBRD President Jean Lemierre at the press conference.

Final press conference looks forward to EBRD’s Annual Meeting 2007

The EBRD’s Annual Meeting 2007 will take place in Kazan in Russia, President Jean Lemierre announced at his press conference at this year’s Annual Meeting in London. The decision has been welcomed by Russian President Vladimir Putin and Prime Minister Mikhail Fradkov. “We approached the Russian authorities and their reaction was:We would like it as soon as possible and we would like it in the regions. This is in line with the Bank’s strategy to push out to the regions,” said Mr Lemierre.

At the Annual Meeting the Bank’s Governors approved the EBRD’s strategy for the next five years: to focus its resources more on Russia, south-eastern Europe, the Caucasus and Central Asia, re-allocating resources from central and eastern Europe where the successful transition to a full market economy is nearing completion. The Governors agreed that the EU-8, the countries which joined the EU in 2004, will graduate from the EBRD by the end of 2010, Mr Lemierre said. Definitive dates have not been set and some countries expect to graduate earlier. The President noted the Czech Republic had indicated that it wished to open discussions about graduation in 2007.

Mr Lemierre highlighted three specific initiatives which are high on the Bank’s agenda: the Early Transition Countries Initiative, which was established two years ago to support the Bank’s seven poorest countries of operations. He praised the donors, who had already supported 151 projects through the initiative and who are committed to further funding.

Learning from the success of the ETC Initiative, the Bank also launched the Western Balkan Initiative. 11 countries committed €10 million to boost private business investment and infrastructure development in Albania, Bosnia and Herzegovina, FYR Macedonia, and Serbia and Montenegro, including Kosovo. For the first time a country of operations, Slovenia, had contributed to the initiative as a donor.

Mr Lemierre also focused on the Bank’s new drive to invest in energy projects, financing the development of sustainable energy sources and with an emphasis also on energy efficiency in the region.

Asked about suggestions that incorrect reports had been made about environmental protection measures surrounding the Sakhalin-II oil and gas project, Mr Lemierre said that the Bank was making its own assessments and it would be premature to draw any conclusion at this stage.

Transcript

Written by Nikki Braterman.

22 May 2006