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EBRD invests €2.02 billion in first 9 months of 2005
The EBRD committed €2.02 billion for new investments across its countries of
operations in the nine months ended 30 September, compared with €2.27 billion
in the same period last year. Total commitments to date amounted to €28.4
billion in countries from central Europe to Central Asia, with a further €60.1
billion mobilised from other sources.
The Bank signed 82 stand-alone projects in the first nine months, compared to
71 for the same period in 2004, reflecting a trend towards more and smaller
projects. Projects included, for example, supporting cross-border investment
in the Western Balkans by working with a Croatian brick company in Bosnia and
Herzegovina, a state-of-the-art 50,000-square-metre logistics and warehousing
centre in Moscow, improving water and wastewater infrastructure in Romanian
towns and cities, and working with foreign investors to boost agribusiness in
Kazakhstan.
Profit after provisions for the first nine months was €821.5 million, compared
with €266.8 million a year earlier, primarily reflecting strong returns from
the equity project portfolio.
Steven Kaempfer, Vice President, Finance and Acting First Vice President, said
that the number of EBRD projects has increased in the region from the same
period last year, and the trend should continue given the strong pipeline of
potential new projects throughout the region.
Geographically, around 18 per cent of new investments in the nine months of
2005 were in the advanced transition countries (compared to 33 per cent in the
first nine months of 2004), 62 per cent in the early and intermediate
transition countries (compared to 49 per cent) and 20 per cent in Russia
(compared to 18 per cent).
As at 30 September 2005, the Bank had authorised capital of €20 billion,
paid-in capital and reserves of €8.46 billion and cumulative impairment
provisions on its loan portfolio of €486 million. Because the Bank restated
its portfolio of unlisted share investments on a fair-value basis effective 1
January 2005, it can no longer take impairment provisions on such investments
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