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Credit rights from European Bank for Reconstruction and Development |
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Saturday, 06 May 2006 |
European Bank for Reconstruction and
Development (EBRD) has decided to grant credit rights to Mongolia. This
issue will be decided in the near months. Besides, the EBRD is expected
to establish its Resident Representative Office in the country. A
Director for Russia, Central Asia Regional Group in the EBRD Hubert
Pandza reported on the above on Wednesday. The European Bank for
Reconstruction and Development was established in 1991 when communism
was crumbling in the central and eastern Europe and when ex-soviet
countries were in great need for a support to nurture a new private
sector in a democratic environment. Today, the EBRD uses the tools of
investment to help build market economies and democracies in 27
countries ranging from central Europe to central Asia. The Bank
provides project financing for banks, industries and businesses, both
new ventures and investments in existing companies. Its activities are
also directed towards publicly-owned companies, supporting
privatization, restructuring state-owned firms and improving municipal
services. It was partly be the effort of Dutch Minister Zalm that Mongolia as an asian country could become member of the EBRD in 2000, in a set-up where the Netherlands represents Mongolia and commits to paying the annual fee of USD 29.000.
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