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The European Bank for Reconstruction and Development (EBRD) committed €1.23bn for new loan and equity investments in central and eastern Europe and the Commonwealth of Independent States in the six months ended June 30, compared with €1.28bn in the first half of 2002. Gross disbursements were €861mn, compared with €870mn a year ago.

The EBRD’s first-half profit after provisions was €84.3mn, compared with €186.5mn a year earlier, when there were exceptionally high profits on the sale of share investments. Provisions for losses were €26.6mn, compared with €34.3mn in 2002. As of June 30, the bank had authorised capital of €20bn, paid-in capital and reserves of €5.9bn, and cumulative provisions on its banking portfolio of €1.2bn.

The EBRD invested in 40 projects in the first half, including for the modernisation of commercial shipping in Ukraine, the consolidation of the telecoms industry in Hungary, the commercialisation of railway assets in Romania, energy-sector reform in Russia and the development of mortgage lending in Kazakhstan.