EBRD to invest $1bn in Russia next year

The amount of investments of the European Bank for Reconstruction and Development will be some $1bn in Russia in 2003, Hubert Pandza, head of the EBRD's Business Group for Russia, declared at a presentation of the bank's strategy in Russia in 2003-2004 today. He pointed out that the volume of investments this year would also be $1bn. However later, Russia will occupy a dominant position in receiving funds from the EBRD; some 30 percent of the total volume of investments will be directed to Russia, he added. At present, Russia is one of the largest investment targets for the EBRD. The bank has invested some EUR4.5bn in Russia over the past 12 years.

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