20/5/ 2012 - AMMAN
ó The European Bank for Reconstruction and Developmentís (EBRD) shareholders
agreed on Saturday to establish EUR1 billion special fund to start investments
in emerging Arab democracies, according to a press release posted on the bankís
investments come in response to the wave of political change in parts of the
Middle East and North Africa, the bank said.
is planning to invest specifically in Egypt, Morocco, Tunisia and Jordan as it
has opened preliminary offices in these countries, appointed a managing director
for the region and hired additional staff with regional experience.
to a statement issued by the Ministry of Planning and International Cooperation,
Jordan participated for the first time in the EBRD annual meeting in London on
statement said that Planning and International Cooperation Minister Jafar Hassan
met with EBRDís top management to identify the bankís operation priorities in
the Kingdom for the coming period to be in line with the governmentís strategies
and plans to stimulate growth.
economic priorities include stregthening key competitive sectors such as ICT,
food industries and small- and medium-sized enterprises, the ministry statement
also working to enhance its ability to finance infrastructure and energy
statement pointed out that the Kingdom will host a conference for EBRD and
private sector representatives to be held on the eastern shores of the Dead Sea
on May 28.
to EBRD press release, the fund is being financed out of the EBRDís reserves and
will allow the bank to start operations as a prelude to full-scale investment in
the new region after an extension of EBRDís geographic remit has been ratified.
expansion into the southern and eastern Mediterranean (SEMED) region follows
calls for EBRD support from the international community and from countries in
the region itself, the statement said.
was asked to apply its 20 years of experience in supporting economic development
in central and eastern Europe and the former Soviet Union to another region
where people are again demanding a more stable economic future,Ē the bank said.
according to the statement, will focus on the development of the private sector
in the new region, fostering growth of small- and medium-sized enterprises,
helping improve municipal services, developing stable financial sectors and
improving energy supplies.
are already preparing for investments in SEMED and the first projects are likely
to be concluded around September of this year.
statement said that the bank expects to be able to invest up to EUR2.5 billion a
year in the new region, while not detracting from investments in its existing
countries of operations, where funding totalled EUR 9.1 billion in 2011.
Friday, the bank selected top British civil servant Suma Chakrabarti as its
president until 2016, replacing Thomas Mirow from Germany.