President: EBRD profits exceed 1 billion euros

Photo: President: EBRD profits exceed 1 billion euros / Economy news

Baku, Azerbaijan, Feb.4
By Emin Aliyev - Trend:

The European Bank for Reconstruction and Development completed the year 2013 with a profit, the amount of which exceeds 1 billion euros, EBRD President Suma Chakrabarti, said on Feb.4 speaking before the representatives of the Parliamentary Assembly of the Council of Europe (PACE).

"Additionally, new countries are interested in developing their links with the bank. Helping partners to make progress will remain a priority for the EBRD," the bank's president said.
The bank is active in 33 countries, according to Chakrabarti.

"Over the past two years, we have invested over 19.4 billion euros with the number of projects at record highs - a total of 785 projects. For every euro that we invest, we also unlock, on average, another two and a half euros from other investment sources," Chakrabarti said.

The substantial profit of the bank allows to send it to building its capital base, according to the EBRD head.

"Additionally, it helps to maintain our triple A credit rating, and, importantly, go back - through our investments- to our Countries of Operations," the president added.

Since the beginning of its operation in the country, the EBRD has invested around $ 2 billion in about 137 projects in Azerbaijan. Around 73 transactions with a total value of approximately $ 540 million have been signed with financial institutions in Azerbaijan. The EBRD has signed agreements on 13 projects totalling $ 99.5 million during 2013.

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