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European Bank Seeks Arab Expansion

   VOA News  May 21, 2011
   Thomas Mirow, President of the European Bank for Reconstruction and
   Development (file photo)

Photo: AP

   Thomas Mirow, President of the European Bank for Reconstruction and
   Development (file photo)

   A European bank that was established in the post Cold War era to help
   formerly Communist countries has launched an effort to help countries
   affected by the Arab uprisings.
   The [1]European Bank of Reconstruction and Development (EBRD) announced
   plans on Saturday to expand its lending into the Middle East and North
   Africa. During an annual meeting in Kazakhstan, the group's board of
   governors asked the bank's directors to come up with a plan by the end
   of July on extending the bank's mandate to the regions.
   The EBRD released a statement that says Egypt and Morocco have already
   expressed an interest in becoming recipients. The statement says bank
   president Thomas Mirow has indicated the lending institution could
   eventually have the capacity to invest up to $3.5 billion a year in the
   regions.
   On Thursday, U.S. [2]President Barack Obama announced his support of an
   expanded EBRD mission. During a major speech on Middle East policy, he
   said the U.S. would work with its allies to "refocus" the European bank
   so that it could support "democratic transitions and economic
   modernization" in the Middle East and North Africa.

   Some information for this report was provided by AFP and Reuters.

References

   1. http://www.ebrd.com/pages/news/press/2011/110521b.shtml
   2. http://www.whitehouse.gov/the-press-office/2011/05/19/remarks-president-middle-east-and-north-africa

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