The additional funds will allow it to continue to respond to the increased needs of its clients by supporting the banking sectors and ensuring that financing flows continue
In response to the continuing effects of the global financial crisis and increased demand for financing, the European Bank for Reconstruction and Development (EBRD) has raised the level of its investments to EURO8 billion this year, following the approval by its board of directors. It is increasing the annual investment volume by a further EURO1 billion, bringing the target for 2009 to 52% more than the bank had invested in 2008.
Reflecting an increased demand for financing from the countries of operations, the Bank’s annual business volume reached EURO5.8 billion by the end of August 2009, 95% above the volume reached at the same time last year. The additional funds will allow the Bank to continue to respond to the increased needs of its clients by supporting the banking sectors and ensuring that financing flows continue, in particular to small and medium sized enterprises.
Thomas Mirow, president of EBRD, said: “The economic environment continues to be pose a challenge for many in our region, but the EBRD is well-equipped and ready to continue to provide support where it is most needed.”