IFIS PLEDGE CONTINUED DRIVE TO SUPPORT CENTRAL AND EASTERN EUROPE

Aysor.am
Thursday, October 08

The European Bank for Development and Reconstruction (EBRD), the
European Investment Bank (EIB) Group, and the World Bank Group spread
Monday a press release in which warned against complacency in the face
of significant challenges that stand in the way of economic recovery
in Central and Eastern Europe.

Meeting in Istanbul at the World Bank and International Monetary Fund
Annual Meetings, EBRD President Thomas Mirow, EIB President Philippe
Maystadt and World Bank Vice President Philippe Le Houérou said that
unprecedented coordinated international action had helped stave off
a systemic crisis in the region.

This year’s February 27 the three international financial institutions
(IFIs) launched Plan in support of banking systems and lending to the
real economy in regoin aimed to: A – support banking sector stability
and lending to the real economy in crisis-hit Central and Eastern
Europe with a financing plan of up to â~B¬24.5 billion for 2009-2010;
B – commit to make joint assessments of large bank groups’ financing
needs; and C – rapidly deploy assistance in a coordinated manner,
according to each institution’s geographical and product remit.

At their meeting in Istanbul, the three signatories of the Joint IFI
Action Plan presented their first Joint Progress Report, discussed
new challenges ahead, and future areas of cooperation. Their report
noted that policy dialogue cooperation between the three IFIs, in
close collaboration with the IMF and the European Commission, had
facilitated the management of the crisis on a private-public sector
platform under the European Bank Coordination (Vienna) Initiative.

However, despite signs that the grip of the economic crisis is easing,
and despite country variations, significant challenges remain ahead
before the region can get firmly on the road to recovery and growth.

The Institutions believe that economic recovery will depend critically
on private-sector growth, w

Looking forward the three institutions pledge to persevere in their
efforts under the Joint IFI Action Plan to support lending to the real
economy and in the region, while addressing the challenges ahead in
close collaboration with other international and European institutions
and governments.