EBRD annual meeting opens in Zagreb

Annual Annual Meeting of the Board of Governors of the European Bank for Reconstruction and Development (EBRD) and the accompanying business forum will be held in the Croatian capital Zagreb on May 14-15 under the title "Building a sustainable growth." Activities will focus on support during the post-crisis recovery regions in which the bank operates. The Forum will open the Croatian Prime Minister Jadranka Kosor and EBRD President Thomas Mirow. Special guest of the event will be the European Commissioner for Economic and Monetary Affairs Oli Rennes. The EBRD is the largest international financial institution with headquarters in London, established for the development of market economy in transition countries, conducts operations in various sectors of the economy and business in 30 countries in Central and Eastern Europe, CIS and Central Asia. Meeting of the Governing Council One of the major issues on the agenda of the Governing Board of the bank will issue Bank's capital increase to 30 billion euros from the current 20 billion euros. In early May, head of European bank said that the Bank's shareholders had no objection to that. Consequently, all 63 countries, the EBRD's shareholders at the forthcoming meeting of the Board of Governors is likely to approve plans to increase capital. Management of the Bank in 2009 to initiate discussion with shareholders about the possibility of increasing the share capital of the Bank by 50% in the face of rising business activity and the need for more effective conflict risks. It is expected that with the approval of a capital increase Bank in the year 2015 will maintain the annual volume of its investment activities on the level 8,5-9,0 billion euros. In 2009, the EBRD's investments amounted to a record in the history of the bank 7.9 billion euros. Management of the Bank at the upcoming annual meeting of the Board of Governors also intend to take the initiative to encourage investments in local currencies (Local Currency Initiative) in the region of operations of the bank. As told in early May, President of the EBRD, the initiative makes the post-socialist countries with economies less dependent on foreign direct investment and capital flows across borders, as well as fluctuations in world currency markets. Earlier, the EBRD took the line to increase financing for their projects in different countries in local currencies and issue loans, denominated in national currencies. Business Forum The event will be held three plenary sessions: "Opportunities for investment in new enterprises," "projects of infrastructure development and environmental protection", "projects and opportunities for tourism development." At the same time during the forum, its plenary meetings and individual sections will be discussions on a variety of topics. One of them is indicated in the materials EBRD, dedicated to the annual business forum, as "After the crisis. On the road to recovery." "Leading economists and policy makers analyze the nature of the financial crisis and its impact on the region of the EBRD and the lessons emerging from the crisis - the document says the bank. - Will examine the situation in the region and assessed the prospects for economic recovery." The main issues for discussion will help the international financial institutions (IFIs) during the economic recession, the politicians of various countries and MFIs to ensure stable and sustainable economic recovery. Another topic for discussion, forum participants will recover a debt in an economic downturn. "The ability of a creditor to exercise their rights by force is crucial to the viability of credit systems and market economics - said the EBRD in the materials. - The global economic crisis and financial difficulties faced by many banks and customers have put forward this issue to the forefront." The discussions will be the policy of financial institutions in respect of credit default loans and other troubled corporate debt. The discussion touches an important role in shaping the legal framework of institutional measures aimed at meeting the needs of clients, with emphasis on the practices used in countries with economies in transition. At the forum, we will talk about the development of capital markets. As part of this topic will be discussed and a number of very specific questions. For example, how to clear the balance sheets of banks and enterprises to revive lending, what obstacles stand in the way of corporate debt restructuring, recapitalization, what are the necessary volumes of whether the regulatory system to mitigate the effects of future credit booms and retard the growth of borrowing in foreign currency and others. Another topic for discussion will be the rise of the corporate sector and the struggle for the return of investment. The main issues raised for discussion: whether the company survived the global financial crisis, or worse yet to come, as enterprises can regain the interest of strategic and financial investors since the crisis, how can be restructured corporate debt, what role can and should play a state in areas such as promoting the rise of the corporate sector, investment in infrastructure and changes in the investment climate and others. The next topic for discussion is the reduction of carbon emissions. Questions for discussion: what is the potential role of the carbon market in the region, the EBRD, and what effect will a low carbon economic growth, how to fund these transactions and what are the implications for the sectors in which the EBRD invests. Be discussed and the topic of energy security. It occupies the top spot on the agenda of international politics - says the EBRD. - Production and consumption, supply and demand - these simple economic formula conceals a complex reality of the problem of energy security in Europe. " Economic and political interests together when consuming countries seek to ensure diversification and security of supply, and producing countries try to achieve steady sales and prices, says the bank. This discussion will be attended by senior representatives of the various links in the chain of suppliers and consumers who will discuss this politically relevant and at the same time complex and sensitive topic. During the business forum will take place and the "round table" of Mayors. Heads of the leading cities in the region, where he works EBRD, will lead a conversation about the social impact of economic crisis. Forums country By tradition, the annual business forum of the EBRD will be held presentations of each of the countries in which the EBRD operates. Appropriate action will take place in Russia on May 15 from 9.00 to 10.30 (11.00-12.30 Moscow time). According to the forum, the presentation will take part the deputy head of the Department of Economic Development Investment Policy Dmitry Kvitko.