European Bank For Reconstruction and Development to Invest USD 1 Billion in Russia's Economy

Jean Lemier, President of the European Bank for Reconstruction and Development (EBRD) said the bank intended to invest USD 1 billion in Russia's economy over the year 2002. Mr. Lemier said this while speaking before the participants of the economic forum underway in St. Petersburg. He pointed out that the EBRD had long been a catalyst for the flow of private investments into the economies of various countries and that meant that 'counting other private investments Russia will get a total of up to USD 3 billion'.

Mr. Lemier further said this figure included the up to USD 450 million the bank would invest in various projects in St. Petersburg and specified, 'We have a number of serious infrastructure-related projects. We also intend to finance power production, small business, etc.'