Arab Today, arab today ebrd kicks off process to expand lending to mideast
Last Updated : GMT 21:10:57
Arab Today, arab today
Arab Today, arab today

EBRD kicks off process to expand lending to Mideast

Arab Today, arab today

Arab Today, arab today EBRD kicks off process to expand lending to Mideast

ASTANA - Arabstoday

The European Bank for Reconstruction and Development (EBRD) agreed yesterday to begin the process of expanding lending to the Middle East and North Africa following a string of popular revolts in the Arab world. The bank will explore how to direct funds to Egypt, where President Hosni Mubarak was toppled in February, and other Arab states in the same way it supported former Communist countries after the fall of the Iron Curtain more than two decades ago. "We are witness to extraordinary times, and this calls for extraordinary measures," EBRD EU Alternate Governor Vassili Lelakis said at the bank's annual meeting in the Kaz-akh capital. But while supporting a principle backed by the US and Germany, others among the EBRD's 63 shareholders urged caution in entering a new region while political upheaval and violence persist. Some critics have called for the EBRD to halt those plans because they say it is not yet clear what types of governments will emerge in the region, while the bank should also show more clearly it can help reduce poverty and gender inequality. "Keeping in mind the development level of civil society in many of the countries where expansion is taking place, we could be creating big problems for ourselves from the start," Russian Deputy Finance Minister Sergei Storchak said. Specific fund He said Russia supported the idea in principle, but that expansion should be gradual and best done through the creation of a specific fund. "As far as I know, we are not alone in this position," Storchak said. Created after the Cold War to help ex-Communist countries' transition to market economies, the EBRD lends about €9 billion (Dh47 billion) a year to projects stretching from Croatia in central Europe to Kazakh-stan's frontier with China in the East. The Board of Governors asked the EBRD's directors to come up with proposals by July 31 to extend the lender's operating area. The bank is expected to approve a request this summer from Egypt, an EBRD shareholder, to become a country of operation. Egypt's military council is preparing for a September election. Officials have said lending to Egypt could start at around €100 million to €200 million next spring. An EBRD spokesman said a team would go there in the next few weeks to identify infrastructure, agriculture and other potential projects. EBRD President Thomas Mirow has said lending to the entire Middle East and North African region could grow to about €2.5 billion by 2015, although the Board of Governors stipulated the expansion should not require shareholders to raise the bank's capital or undermine its other operations. "[The decision] was a very strong signal from our shareholders that they believe in the EBRD's expertise regarding transition, Mirow said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ebrd kicks off process to expand lending to mideast Arab Today, arab today ebrd kicks off process to expand lending to mideast

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ebrd kicks off process to expand lending to mideast Arab Today, arab today ebrd kicks off process to expand lending to mideast

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Silent Republicans have their reasons

GMT 16:55 2017 Thursday ,19 October

Silent Republicans have their reasons
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Hussein Fahmy happy for honoring in festival

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday