In his capacity as Chairman of the Board of Governors, Pierre Gramegna chaired the Annual General Meeting of the European Bank for Reconstruction and Development (EBRD), held in Nicosia, Cyprus this week.

The Luxembourg Minister of Finance was unanimously elected on 12 May 2016 for a term of one year.

The EBRD was founded in 1991 to establish a new era in Central and Eastern Europe after the Cold War. Thanks to its knowledge of the functioning of the market economy and its involvement with other international financial institutions, it has been able to contribute significantly to the stabilization of the region. The EBRD is now owned by 65 countries, the European Union and the European Investment Bank. Each shareholder is individually represented on the Board of Governors of the EBRD, which has general authority over the EBRD.

Pierre Gramegna commented, "For Luxembourg, active participation in international financial institutions such as the EBRD is an integral part of our foreign and development policy. Indeed, these institutions contribute concretely to the development of collaboration between states and thus to political stability and peace at the international level. In an era of rising nationalism, they show the example of solidarity across borders. "

During the year 2016, the EBRD financed 378 new projects in Europe, Central Asia and the Middle East, for a total volume of €9.4 billion. It earned a profit of €985 million and continues to enjoy AAA rating.

In his opening address to the General Assembly, Pierre Gramegna referred in particular to the key role of the EBRD in the financing and implementation of the new containment facility for the Chernobyl reactor No. 4 and the positive development of its activities over the past year. He also highlighted the continuous improvements in the EBRD's business processes and its commitment to the development of green finance. 

The financial statements and the annual report of the EBRD for the year 2016, as well as the plan for implementing the 2017-2019 strategy, were adopted at the Annual General Meeting. It also provided an opportunity for an in-depth discussion on the financing of projects in Russia in the context of maintaining European sanctions affecting this shareholder of the EBRD. The latter has decided to extend its activities to finance projects in the Gaza Strip and the West Bank.

Image: Suma Chakradu, Nikos Anastasiadis, Pierre Gramegna, Enzo Quattrociocche.