The European Bank for Reconstruction and Development in Q1 invested a record amount (EUR 1.9 billion), while advancing preparations to extend its activities to the southern and eastern Mediterranean region (SEMED).

As EBRD President Thomas Mirow has said, strong earning in Q 1 will provide the bank with additional capital resources. Net profits rose to EUR 637 million against EUR 330 million in Q1 last year. This is a record quarterly result for the bank, on the back of strong net interest income and a recovery in the value of the Bank's equity investments.

“At a time when credit remains restricted in many markets, these figures show that the EBRD has an important role to play in supporting growth. With record volumes and sound profitability and capital position, the Bank is in excellent shape going into its annual meeting,” Thomas Mirow said.

The Bank continued its support to Central and Eastern Europe as it committed an unprecedented EUR 1.9 billion in 73 individual transactions in the first quarter, compared with EUR 1.1 billion in 67 transactions in the same period in 2011.

Financing in the EBRD's Early Transition Countries nearly doubled to EUR 214 million from EUR 108 million, while financing in the Western Balkans rose to EUR 161 million from a previous EUR 133 million.

Since the end of the previous year, the EBRD actively works with donors, in order to support technical projects of cooperation that allow starting actions in the SEMED region. In May, at an annual meeting in London, the EBRD will propose to stockholders to set up a special fund to the amount of EUR 1 billion outside net profit for financing projects before amendments to the EBRD Agreement are fully ratified.

Finally, the EBRD supposes to invest about EUR 2.5 billion into a new region, without reduction of financing in other countries of its operation.

Ukrinform