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European Bank for Reconstruction and Development<br />
BULLETIN OF THE MINISTRY OF FINANCE/APRIL - JUNE 2006<br />
EUROPEAN BANK FOR<br />
RECONSTRUCTION<br />
AND DEVELOPMENT<br />
INTRODUCTION<br />
European Bank for Reconstruction and Development<br />
(EBRD) was established in 1991 with a view to speed up<br />
and strengthen market reform process and transition in<br />
Central and East European countries and create conditions<br />
for efficient functioning of open market economies<br />
in these countries. It is owned by 60 countries and two intergovernmental<br />
institutions. EBRD, with its capital, is the<br />
largest single investor in the region.<br />
The Bank uses its relationship with the governments<br />
in the region to promote creating of better and more efficient<br />
business environment. The mandate of the EBRD<br />
stipulates that it must only work with the countries that<br />
are committed to democratic principles. Respect for the<br />
environment is an integral part of the strong corporate<br />
governance attached to all EBRD investments.<br />
EBRD, inter alia, provides project financing for banks,<br />
industries and business, both new ventures and investments<br />
in existing companies. The Bank also supports privatization<br />
process, restructuring of state-owned companies<br />
and improvement of municipal services.<br />
MEMBERSHIP OF THE STATE UNION<br />
SERBIA AND MONTENEGRO<br />
TO THE EBRD<br />
Former Socialist Federal Republic of Yugoslavia was<br />
one of founders of the European Bank for Reconstruction<br />
and Development since 1991. Accordingly, the SFRY<br />
was entitled to use the Bank funds.<br />
After break-up of the SFRY, State Union Serbia and<br />
Montenegro (which was Federal Republic of Yugoslavia<br />
until 2003), regulated its membership to the EBRD in January<br />
2001, on the basis of Resolution No. 81 adopted by<br />
the EBRD Board of Governors on 13 December 2000 on<br />
SaM membership to the EBRD.<br />
It is noteworthy that State Union Serbia and Montenegro<br />
(SaM) hosted EBRD Annual Meeting. Namely, 14th<br />
Annual Meeting was held in Belgrade from 21-23 May<br />
2005. Serbia and Montenegro, as a host country, successfully<br />
presented and promoted its economy and potential<br />
opportunities and projects for making foreign investments<br />
to the representatives of governments, central<br />
banks, international financial institutions, banks and major<br />
companies that were present at the Annual Meeting.<br />
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