EURO 24.5 billion to be provided in support of banking systems in Central and Eastern Europe

PanARMENIAN.Net - The European Bank for Reconstruction and Development, the European Investment Bank Group, and the World Bank Group launched a Joint IFI Action Plan in support of banking systems and lending to the real economy in Central and Eastern Europe a year ago, on February 27, 2009. The objective was to support banking sector stability and lending to the real economy in crisis-hit Central and Eastern Europe, International Financial Corporation press service told PanARMENIAN.Net

The institutions put together a financing plan of up to EURO 24.5 billion for 2009-2010 and committed to deploy rapid assistance in a coordinated manner, according to each institution’s policy and product remit. They sought to complement financing with efforts to coordinate national support packages and policy dialogue among key stakeholders in the region, in close collaboration with the International Monetary Fund and the European Commission, and other key European institutions.

The institutions have already made available over EURO 19 billion in 2009 in crisis-related financial support for financial sectors in the region.

“The resources not yet taken up remain available for mobilisation during 2010 and beyond; each institution believes on the basis of present forecasts that these resources will be utilized,” the statement said.