Feature story

Final press conference ends Annual Meeting

The EBRD Governors approved the shift of the Bank’s focus south and east, EBRD President Jean Lemierre said in his final press conference at this year’s annual meeting in Belgrade. “The management’s proposal has been warmly received,” Mr Lemierre said. A formal decision on the change of strategy and business model of the Bank will be taken in a year.

The majority of EBRD Governors also still see a role for the Bank in the central and east European countries which have joined the EU a year ago. Mr Lemierre stressed that even in these advanced markets “challenges remain”, which the EBRD was ready to help tackle. Whereas one shareholder of the Bank has demanded a “short-term timetable” for the cessation of EBRD operations in the new EU countries, “all others had taken longer views,”Mr Lemierre said.

As in several public statements made previously, the EBRD’s President condemned the recent indiscriminate killings in Uzbekistan and announced the Bank would set out its new Uzbekistan strategy by end-July. Only openness can help to improve the present situation in the Central Asian republic, Mr Lemierre stressed. While a decision on the EBRD’s future strategy for Uzbekistan remains subject to discussion, he mentioned a further narrowing of the Bank’s activities as one option.

The Bank’s first annual meeting in Belgrade was seen by its President as a great success. About 2500 delegates from governments, business, non-governmental organisations and media used the opportunity for frank exchanges of opinions and exploring opportunities to develop business. Mr Lemierre praised the recent economic and political developments in Serbia and Montenegro, but also warned that much remains to be done: “It is implementation that counts.”

Mr Lemierre praised a roundtable meeting with the prime ministers of the region as being particularly useful. “We had a blunt, almost frank exchange of opinions. These people are again talking to each other and they want to work. That is good.” Despite the unresolved political questions concerning the future status of Montenegro and Kosovo, investors show a growing interest in the region. But much remains to be done to achieve sustainable growth: “Investors need a clear framework,” he warned.

Written by EBRD Press Officers Vanora Bennett and Axel Reiserer.

23 May 2005