EBRD has invested twelve billion dollars in economy of CIS countries in the past ten years

The European Bank for Reconstruction and Development (EBRD) has invested its own twelve billion dollars in the economy of the countries of the Commonwealth of Independent States (CIS) in the past ten years. The bank's president Jean Lemierre spoke about it at the Petersburg Economic Forum which opened on Wednesday.

According to him, during the same period the bank helped attract investments into Russia to the value of forty billion dollars.

The president of the bank believes that in the next ten years the CIS countries, including Russia, which depend on their own gas and oil complexes, must lower the influence of these factors on their economies and develop other industries.

Jean Lemierre also pointed out the necessity of developing and supporting medium and small business in Russia, creating conditions for the favourable investment climate and considerably improving the banking sector which plays an important role in developing the economy.

In his speech at the Forum the president of the European Bank for Reconstruction and Development pointed out that Russia "can undoubtedly service its foreign debt and ensure the stability of its own financial system."