European Development Bank Invests Record Sum in 2020
London, Jan 14 (AFP/APP):The European Bank for Reconstruction last year invested a record 11 billion euros ($13.4 billion) across emerging economies to help counter fallout from the coronavirus crisis, the lender said Thursday.
It marked a 10-percent increase from the previous year, an EBRD statement said. The bank, which invests alongside the private sector, ploughed the cash into 411 projects across 38 nations.
“The bank put in an impressive performance and delivered on its promise to help our countries and clients deal with the economic impact of the Covid-19 pandemic,” said President Odile Renaud-Basso. “Our investments were sharply higher than the year before and we also provided policy support to help the private sector through the crisis.”
The bank was founded in 1991 to help former Soviet bloc countries switch to free-market economies but has since extended its reach. It currently invests in emerging economies from central and eastern Europe, through to Central Asia, the Middle East and North Africa.
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