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Multilateral lenders commit €30bn to support growth in Central and South-East Europe


2012-11-08



The European Investment Bank (EIB), the World Bank, and the European Bank for Reconstruction and Development (EBRD) have unveiled a €30bn-plus financial package for the countries of Central and South-East Europe, including Poland, to support economic recovery and promote reforms in the region in 2013-2014.

The plan, which the institutions said was a direct response to the continuing impact of eurozone problems on the economies of emerging Europe, includes more than €30bn of joint commitments to support private and public sector initiatives in 17 countries from the Central and South-East Europe region, including infrastructure, corporate investment, and the financial sector. It is modelled on a similar initiative implemented in 2009-2010, which pledged €24.5bn to support Central European economies affected by a liquidity crisis in the financial and corporate sector, and which was judged a major success.

The EIB will contribute a minimum of €20bn, mainly in long-term loans to the private and public sector. The World Bank will provide about €6.5bn through four financial instruments, in the form of policy-based lending and technical assistance, investments, advisory support, and political risk insurance. The EBRD will invest €4bn in loans, equity and trade financing to facilitate regional integration and export-led growth.

The countries that will receive financial support from the Joint Action Plan include Albania, Bosnia Herzegovina, Bulgaria, Czech Republic, Croatia, Estonia, FYR Macedonia, Hungary, Kosovo, Latvia, Lithuania, Montenegro, Poland, Romania, Serbia, Slovakia and Slovenia.



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