The EBRD may increase the volume of financing projects in Russia to $1bn by 2003.

Russian Prime Minister Mikhail Kasyanov had a meeting with head of the EBRD Jean Lemierre over the situation in the Russian banking industry. The press secretary of the Prime Minister announced they paid special attention to changes in the Russian banking industry, for example changes on the deposit insurance market. They also considered making Russian natural monopolies more open and making the corresponding branches of the Russian economy competitive. The EBRD may increase the volume of financing projects in Russia to $1bn by 2003. The EBRD head noted that the relations of the bank with Russia have entered a new level in view of the recent progress of the Russian economy. Lemierre and Kasyanov also considered priorities in investment projects and their compliance with the EBRD strategy. The head of the EBRD noted that they are ready to implement a number of large projects in the Russian energy industry concerning energy saving programs,PBC informs.