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Abstract
In 1999 the repercussions of the previous year’s financial crisis in Russia
confronted the EBRD with a formidable challenge. The early part of the year
was marked by a slowdown in activity and increased risk in many of the Bank’s
countries of operations. Investment conditions were further overshadowed by
the Kosovo crisis. Despite this difficult investment climate, the EBRD signed
projects totalling €2.2 billion.
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