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| Автор |
Frenger (She) |
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| Публикувано | 06.10.10 11:48 |
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= DJ UPDATE: EBRD, World Bank, EIB Invested EUR27 Bln In East Europe
06-loka-2010
(Adds detail)
By Paul Hannon
Of DOW JONES NEWSWIRES
LONDON (Dow Jones)--The European Bank for Reconstruction and Development, the World Bank and the European Investment Bank Wednesday said they have exceeded their joint target under a loan program designed to help eastern Europe weather the global financial crisis.
The three banks said that to the end of August, they had made loans totaling EUR27 billion under the Joint International Financial Institutions Action Plan, which was launched in February 2009 with the intention of channeling EUR24.5 billion to the region.
Before the global financial crisis, eastern Europe had relied heavily on foreign borrowing, particularly from foreign banks, to drive its rapid economic growth. With the onset of the crisis, those banks struggled to gain access to finance, and the EBRD and other institutions stepped in to prevent a collapse in financing in the region and a more severe downturn.
The three banks said that with a number of loans yet to be made, they expect by the end of the year to "have allocated significantly more resources than initially foreseen to support lending and banking sector stability in the region in 2009-10."
But the three banks said credit remains scarce in parts of the region.
"Looking forward, challenges remain with respect to adequate levels of credit to the real economy, strengthening further bank balance sheets, mitigating credit risk and addressing where necessary existing capital constraints and non-performing loan ratios and reigniting credit to the economy," they said. "There is also a need to remain vigilant with respect to potential additional shocks."
To the end of August, the EIB had committed to making EUR13.1 billion in loans to the region, while the EBRD had committed to making EUR6.8 billion, and the World Bank EUR7.2 billion.
The most recent loans under the program were announced Tuesday, when the EBRD said it will provide EUR630 million in loans to the subsidiaries of three Greek banks operating in Albania, Bulgaria, Romania and Serbia.
The EBRD's funds are intended to enable those subsidiaries to make loans to private businesses.
Despite the support from the three international financial institutions, some parts of the region have been slow to recover from the crisis and the global economic recession that followed.
In July, the EBRD said it expects the seven economies of south-eastern Europe to contract by 1.5% this year, having previously forecast an expansion of 0.3%. It expects Romania's economy to contract by 3.0% this year, and Bulgaria's to contract by 1.2%.
-By Paul Hannon, Dow Jones Newswires; +44 20 7842 9491; paul.hannon@dowjones.com
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