European Development Bank has no plans to finance new projects in Russia

Wed 10 May 2017 11:32 GMT | 15:32 Local Time

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The European Bank for Reconstruction and Development (EBRD) does not have plans to finance new projects in the territory of Russia in 2017, EBRD President Suma Chakrabarti said on Wednesday.

"The EBRD does not plan to finance new projects in Russia," Chakrabarti said.

Financial performance and current status of the European Bank for Reconstruction and Development give grounds to doubt that the bank corresponds to the highest AAA rating assigned by rating agencies, Russia’s Minister of Economic Development and EBRD Governor Maxim Oreshkin said.

"Current financial status of the Bank does not deserve the AAA rating. We also stress that we do not intend to participate in additional capitalization of the Bank when it will be needed," the minister said.

Russia expects EBRD financial situation to deteriorate in next few years, according to Oreshkin. Russia will focus on work with "depoliticized" development institutions, he added. 
Leaving EBRD shareholders is not considered, he said. Russia does not intend to participate in possible additional capitalization of EBRD, the minister said. Russia’s economic development minister says EBRD serves as instrument of foreign policy, he added.

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