The EBRD's new strategy, approved over the weekend, will see it shift the focus of its investment to Russia, Southeast Europe, the Caucasus and Central Asia, re-allocating resources from central and eastern Europe where it says transition to a full market economy is nearing completion.
"The bank has listened to Russia's requests, which were made by our EBRD representatives," said Russian Deputy Finance Minister Sergei Storchak, the country's chief delegate to the bank's 15th annual meeting.
He said the requests included the shifting of the bank's priorities in Russia from the financial sector to infrastructure, including housing and utilities, energy, and other sectors.
The bank's new strategy will see Russia account for 41% of its operations this year, up from 26% in 2005. The strategy sets overall targets for business volume for the region at about $5.2 billion per year in the coming five years, the bank said in a statement on its Web site.
The strategy says eight central and eastern European countries that joined the EU recently will have less need of EBRD help by end 2010. The resources released by reduced investment and by consolidating and closing offices in these countries will be devoted to promoting transition in countries to the east and south of the EU, including Russia.
"Our participation in the bank's activities is correct and well justified, and no one is questioning our ongoing or future dialogue with the bank as a country of EBRD operations," Deputy Minister Storchak said.
