EBRD may invest $1bn in Russia

The European Bank for Reconstruction and Development (EBRD) plans to invest $1bn in Russia, the EBRD President Jean Lemierre declared at the sixth St. Petersburg economic forum today. According to him, the bank should promote the attraction of individual investments in the Russian economy. He pointed out that EBRD investments in projects concerning St. Petersburg would amount to some $400m-450m. Lemierre was quoted as saying that the bank had serious projects in the energy sector, in particular with Lenenergo. Great attention will be paid to investments in small and medium-seized business, the bank's president stressed.

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