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EBRD stops supporting new EU members including Slovakia

THE EUROPEAN Bank for Reconstruction and Development (EBRD) decided to stop its support for the eight new EU member states, including Slovakia.
According to the Pravda daily, the growing economic power of new EU members enables the bank to move further east with its support.

"Investments in Slovakia, the Czech Republic, Poland, Hungary, Estonia, Lithuania, Latvia, and Slovenia will decrease gradually. Next year we will start shutting down branches and redirecting the money to states that need it more," said Jean Lumierre, the bank's president.

The EBRD was established 15 years ago to help the former communist states in their transitions to market economies. In Slovakia, the bank supported small- and medium-sized businesses especially by providing loan lines to banks, leasing firms, and privatized companies.

From 1992, the bank's investments in Slovakia total €1.1 billion to date.

Compiled by Martina Jurinová from press reports

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