EBRD poised for investing in Russia

The European Bank for Reconstruction and Development (EBRD) intends to invest in Russian small and middle-sized businesses, Russian Federation Council's Speaker Sergey Mironov told reporters today following his meeting with EBRD President Jean Lemierre in St. Petersburg. According to Mironov, the meeting also covered such issues as EBRD long-term investments, particularly in shipbuilding and automobile production. EBRD investments are important for Russia, particularly with regard to the reforms of local self-government, Mironov pointed out.

Lemierre, in his turn, announced that EBRD was ready to invest in the development of the Russian economy. He said that the Russian investment climate had changed dramatically over the past few years, the economy was growing and credit policies improving. According to him, the main problem Russia is now facing is the enhancement of labor productivity. The problem can be solved by increasing efficiency of small and middle-sized businesses, Lemierre argued.

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