President of the European Bank for Reconstruction and Development Jean Lemierre
Photo: Valery Levitin
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EBRD Investment in Russia Increased 72.7%
The total volume of investment by the European Bank for Reconstruction and Development increased by 72.7 percent in Russia in 2006, reaching ˆ1.9 billion, from ˆ1.1 billion in 2005. Russia received 38 percent of all the bank's investment in 2006, up from 26 percent in 2005. At the same time, the bank's investment in Central Europe and the Baltic decreased from 16 percent to 14 percent of all investment.
The bank's statement also noted that, since its foundation in 1991, 75 percent of its investment in Russia has gone to the regions, with only the remaining quarter going to Moscow and St. Petersburg.
Three-quarters of the money invested by the bank in Russia in 2006 went to Russian companies and the bank tripled its investment in shareholder's equity in Russia. In particular, it acquired a package of OAO Kontsern Sitroniks stock and 20 percent of the stock in the Russian airline Sky Express.
The bank intends to expand its region of activity to the south and east in the next five years, concentrating more on Russia, Ukraine, Central Asia, the Caucasus, Western Balkans and Southeastern Europe, and becoming less active in Central Europe.
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