EBRD in Istanbul on Economic Challenges in the Region

At the annual meeting of the European Bank for Reconstruction and Development (EBRD), which will be held in Turkey at the end of next week, the focus will be on the economic challenges of the region in which the bank operates and ways to revive economic growth, EBRD reported.

The annual meeting will take place on May 10 and 11 in Istanbul, for the first time outside the traditional EBRD region of operation, which consists of post-communist countries in Europe.

The focus of the session will be on the economic challenges of the region stretching from Europe to North Africa, where the bank is now very active, and on ways to restore growth through technological and financial innovations, increasing competitiveness, supporting dynamic small and medium-sized enterprises, and improving opportunities for entrepreneurial talent.

Among others, Turkish Prime Minister Recep Erdogan, political leaders from four Arab countries developing democracy, where the EBRD is now investing, as well as governors and management of the EBRD, and renowned experts from the region in which the bank operates, as well as from countries that are its shareholders, will speak at the meeting.

During the annual meeting, the EBRD will also announce the latest economic assessments for the region, including the southern and eastern Mediterranean. As the eurozone crisis continues to affect the economies in which the EBRD operates, while access to financing remains limited, the bank invested a record amount in 2012, as it did during the crisis – a total of 8.9 billion euros in the largest number of projects to date, 393.

– The EBRD will intensify efforts to help small and medium-sized companies across the region secure better access to financing and to increase cross-border cooperation. In a period of continued weak economic growth, it is particularly important for the region to implement significant structural reforms. The EBRD will support the region in this endeavor – stated EBRD President Suma Chakrabarti.

The EBRD was established in 1991 to assist post-communist countries on their path to democracy and a market economy. The bank is active in 34 countries, having started investing in Egypt, Jordan, Morocco, and Tunisia last year, and in December, Kosovo also became a member.