ARMENIA CHANGES OPINION ON TURKEY’S BECOMING EBRD RECIPIENT

PanARMENIAN.Net
25.09.2008 18:11 GMT+04:00

/PanARMENIAN.Net/ The Board of Directors of the European Bank of
Reconstruction and Development (EBRD) decided that Turkey should
become a recipient of EBRD investments, pending final confirmation
by the Bank’s Board of Governors.

Armenia, which was the only country to vote against during the
Tuesday’s meeting, changed its opinion the next day, an EBRD
representative told a PanARMENIAN.Net reporter.

Turkey has been a shareholder of the EBRD since the Bank was founded
in 1991 and made a request in April this year for a change in its
EBRD status to become a Country of Operations.

Its application said the EBRD could contribute to the development of
entrepreneurial and open-market initiatives in a wide range of sectors
across Turkey and such a change would be "immensely beneficial for
the Bank as well as for Turkey".

The resident Board of Directors, which represents the Bank’s
63 Governors, made its decision after a strategic review of the
implications of investment in Turkey. The Governors will make a final
decision by the end of October 2008.

EBRD President Thomas Mirow said, "The overwhelming majority in favor
of this decision is an impressive sign of unity among the shareholders
that will further strengthen the institution."

He added, "Support for the further development of a dynamic market
economy will be beneficial not only to Turkey, but also help bolster
economies in the EBRD region with strong trade and investment links
to Turkey, especially in the Balkans, the Caucasus and Central Asia."

In agreeing to the Turkish government’s request, the EBRD would apply
to Turkey the unique skill sets and experience it has built up over
17 years in helping to develop market economies.

EBRD investments in Turkey would aim to support the further development
of a more open and entrepreneurial economy by promoting growth of
small businesses, supporting privatization and bringing private sector
financing and know-how to the provision of public services.

A particular emphasis would be placed on investments outside main
metropolitan centers. A high priority would be placed on supporting
the development of agribusiness and promoting energy efficiency.

From: Emil Lazarian | Ararat NewsPress