European Bank for Reconstruction and Development to expand operations into North Africa, follows US president Obama’s lead

European development bank follows US President Obama’s lead advances plans to expand operations into North Africa two days following speech calling for debt forgiveness and greater western capital investment..

EBRD adopts plan to expand into Middle East and North Africa

Saturday, May 21, 2011 16:26

TUNIS (TAP) – The European Bank for Reconstruction and Development (EBRD), on Saturday, adopted a resolution to expand operations to lend to fledging democracies in the Middle East and North Africa, several international media reported on Saturday.

Tunisia, which is at the vanguard of Arab revolutions, is among new countries where EBRD might be settled.

The proposal, which was adopted by EBRD governors gathering for an annual meeting in Astana, Kazakhstan, could see the bank start lending 2.5 billion euros a year from its capital base, said its President Thomas Mirow.

Yet, “any decision to start investing in the region should take into account measures adopted in concerned countries to make political and economic reforms,” the bank specified.

The EBRD was established twenty years ago to help countries in eastern Europe and the former Soviet Union make the transition from centrally planned to market economies. It is now active in 29 countries.

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News and political commentary from the point of view of the social interests of the international working class.
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