EBRD trims economic outlook

AFP, LONDON:  Europe’s development bank said yesterday its outlook for the regions it covers had weakened slightly owing to ultra-low oil prices, markets volatility and international tensions.
The European Bank for Reconstruction and Development (EBRD) gave the assessment for its 36-nation investment zone—comprising countries in eastern Europe, central Asia and the Mediterranean—on the first day of its annual meeting in London, where it is headquartered.
The 25-year-old bank’s governing council will meanwhile on Wednesday vote on its president for the next four years.
Sources close to the matter told AFP that Britain’s Suma Chakrabarti—who has held the position since 2012 -- is set to be re-elected. He is standing against Marek Belka, the outgoing governor of Poland’s central bank.
“All of EBRD’s annual meetings are special in their own way. But this year’s is exceptional as it coincides with the 25th anniversary of our founding,” Chakrabarti told delegates Wednesday.
“Over the last quarter of a century the EBRD has invested more than 105 billion euros ($119 billion) in over 4,500 projects, and delivered significant impact.”

EBRD trims economic outlook

AFP, LONDON: Europes development bank said yesterday its outlook for the regions it covers had weakened slightly owing to ultra-low oil prices, markets volatility and international tensions. The European Bank for Reconstruction and Development (EBRD) gave the assessment for its 36-nation investment zonecomprising countries in eastern Europe, central Asia and the Mediterraneanon the first day of its annual meeting in London, where it is headquartered. The 25-year-old banks governing council will meanwhile on Wednesday vote on its president for the next four years. Sources close to the matter told AFP that Britains Suma Chakrabartiwho has held the position since 2012 -- is set to be re-elected. He is standing against Marek Belka, the outgoing governor of Polands central bank. All of EBRDs annual meetings are special in their own way. But this years is exceptional as it coincides with the 25th anniversary of our founding, Chakrabarti told delegates Wednesday. Over the last quarter of a century the EBRD has invested more than 105 billion euros ($119 billion) in over 4,500 projects, and delivered significant impact.