EBRD records €1.4 billion net profit for 2010February 16, 2011 - 18:01 AMT PanARMENIAN.Net - The EBRD significantly increased profits in 2010 as emerging Europe started to pull out of the worst recession in a generation and most countries in the region started to see economic growth again. The Bank recorded a net profit of €1.4 billion for 2010, on the back of a strong growth in investments and the value of the Bank’s equity holdings. As a result of the recovery the Bank also had lower loan loss provisions. The profit compared with a net loss of €746 million in 2009. The net profit in 2010 will strengthen the EBRD’s capacity to bolster the recovery in its region with new investments in 2011, the first year of the Bank’s business strategy for the period until 2015. Backed with a strong pipeline of upcoming projects, investments will aim especially to address vulnerabilities such as lack of diversification of real economies, underdeveloped domestic capital markets and the need for a strong focus on energy efficiency. The EBRD maintained its strong capital position during the year and as a triple-A rated institution it continued to be able to borrow at favorable rates. It also maintains high levels of liquidity and enjoys the strong support of its shareholders, who last year approved a 50 per cent increase in the Bank’s authorized capital to €30 billion, to become effective during 2011. 2010 also saw significant growth in the three key strategic initiatives. Investments in the EBRD Early Transition Countries (Armenia, Azerbaijan, Belarus, Georgia, Kyrgyz Republic, Moldova, Mongolia, Uzbekistan, Tajikistan and Turkmenistan) rose by 80 per cent to €920 million with 114 projects. The Bank financed 71 projects in the Western Balkans, 39 per cent more than in 2009, with business volume there exceeding €1 billion for the first time. Investments under the Sustainable Energy Initiative rose 64 per cent to €2.2 billion and accounted for nearly a quarter of total EBRD financing in 2010. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Viva-MTS: Tech solutions to modernize infrastructure of border village The border village has been the focus of Viva-MTS and the Foundation for the Preservation of Wildlife and Cultural Values since 2015. Ucom's fixed network launched in Artashat To mark this occasion, the company has introduced a special offer exclusively for Artashat residents. “By Your Side”: IDBank's new support program for displaced Artsakh citizens IDBank is launching a long-term social support program for forcibly displaced Artsakh residents. The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. |