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Vote next week on EBRD funds for Cyprus

By Staff Reporter

THE European Bank for Reconstruction and Development said yesterday it would vote at its annual meeting next week on making Cyprus a temporary recipient of funds and on admitting Libya as a member, a first step to receiving funds.

Cyprus has asked to be a temporary recipient of funds “to reform and restructure the Cyprus economy,” the EBRD said in a statement. Speaking to reporters, the bank’s head, Suma Chakrabarti, said a total of €500 million to €700 million in funding had been earmarked for the next six years.

Libya has also asked to be a member of the bank as a first step to receiving finance. The EBRD’s shareholders, the biggest of which are G7 governments, are expected to approve the plans when they meet in Warsaw on May 14-15. Any steps to establish recipient status would start after the Warsaw meeting.”

The bank added that new economic forecasts published next week would show “significant deterioration” in the outlook for Russia and Ukraine and a worsening picture for Turkey.

“One of the reasons is the fallout of the Russia-Ukraine situation,” Chakrabarti said. “Another reason for the general anaemic recovery is that the euro zone recovery is still taking time. It has not been quite as quick as hoped.”

The bank, which focuses on private-sector funding, said it will urge further reforms in the emerging Europe and north Africa region in which it operates.

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