Tue, 29 July
30.1 C
Yerevan
USD: 383.94 RUB: 4.85 EUR: 450.25 GEL: 141.78 GBP: 516.63

EBRD, EIBG and World Bank Group invest €19 billion in 2009 in crisis-related financial support for central and Eastern Europe

YEREVAN, March 10, /ARKA/. The European Bank for Reconstruction and Development, the European Investment Bank Group, and the World Bank Group – launched a Joint IFI Action Plan in support of banking systems and lending to the real economy in Central and Eastern Europe a year ago, on February 27, 2009.

The International Financial Corporation (IFC) said in a press release that the objective was to support banking sector stability and lending to the real economy in crisis-hit Central and Eastern Europe.

‘We put together a financing plan of up to €24.5 billion for 2009-2010 and committed to deploy rapid assistance in a coordinated manner, according to each institution’s policy and product remit. We sought to complement our financing with efforts to coordinate national support packages and policy dialogue among key stakeholders in the region, in close collaboration with the International Monetary Fund and the European Commission, and other key European institutions.

We are pleased to report that our institutions have already made available over €19 billion in 2009 in crisis-related financial support for financial sectors in the region. In close collaboration with the IMF and the European Commission, we have participated in policy dialogue in the financial sector. These efforts have contributed to avert a systemic crisis and a collapse in credit to the real economy. The resources not yet taken up remain available for mobilization during 2010 and beyond; each institution believes on the basis of present forecasts that these resources will be utilized.

Looking forward, we will concentrate our efforts on dealing with the legacy of the crisis: contraction in credit in many countries; rising non-performing loans; and still weak bank balance sheets in several countries. Accordingly, we will assist banks and corporates with balance sheet restructuring and clean-up, risk-mitigation, and instruments to provide lending, particularly to SMEs. We will also work together to address special needs in the region, including local currency lending to unhedged borrowers and the development of domestic capital markets, in close collaboration with other international and European institutions and governments,’ the press release said. -0-

spot_img

POPULAR

Fitch expects inflation in Armenia to remain within the target level until 2027

International rating agency Fitch expects inflation in Armenia to remain within the target level until 2027, although soft fiscal policy and the projected moderate weakening of the dram create certain risks.

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Ranking of most profitable banks in Armenia based on results of first quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the first quarter of 2025.

Fitch forecasts Armenia to tighten fiscal policy after 2027

Fitch Ratings analysts forecast a tightening of fiscal policy by the republic's authorities in a new report on Armenia.

A scheme for stealing funds through fake investment platforms  exposed in Yerevan

A criminal group operating in one of the capital's business centers and stealing citizens' money through Internet calls has been exposed in Armenia, the Investigative Committee of Armenia reports.

LATEST NEWS

spot_imgspot_imgspot_img