Baku, Azerbaijan, May 11
The Board of Governors of the European Bank for Reconstruction and Development (EBRD) has voted to elect Sir Suma Chakrabarti as president of the Bank for a second four-year term, read a message from the EBRD May 11.
Since he first joined the EBRD as president in 2012, the Bank has stepped up its support for emerging economies, investing a record €9.4 billion in 2015.
Under his presidency, the Bank has developed a strategy to reignite the process of transition across its regions, combining a high level of financing with support for policy reform.
It has continued to support progress in its traditional countries of operations while reaching out to new areas in the Southern and Eastern Mediterranean and helping on a temporary basis to restore economic growth in Cyprus and Greece.
The Bank has also scaled up its climate financing and is making a very strong contribution to the reduction of energy waste and the development of renewable sources of energy.
Speaking after the decision of the Board of Governors, Sir Suma said: "Being president of the EBRD for the last four years has been a huge privilege."
"I'd like to thank the governors for showing faith in me once again and I look forward to leading the Bank as it delivers even greater impact in our Countries of Operations between now and 2020."
He paid tribute to Polish Central Bank Governor Marek Belka who had also stood for election as president.
"I'd also like to thank Marek Belka for being such a worthy opponent in what is still that rare thing, a contested election for the job of head of an international financial institution."