§ Lord Harrisonasked Her Majesty's Government:
What role they believe the European Bank for Reconstruction and Development has played in fostering a sound business and investment climate in Russia for British and European firms. [HL4800]
§ Lord McIntosh of HaringeyThe Government believe that the European Bank for Reconstruction and Development (EBRD) has played a creditable role in fostering a suitable business and investment climate for all firms within its overall mission of supporting the transition towards open market-oriented economies and promoting private and entrepreneurial initiative. To this end, the EBRD has been active in Russia since 1991 and has signed 183 projects in Russia, worth 5.5 billion.
The bank has also supported the strengthening of the business climate through its policy dialogue, working with the Russian Government to promote restructuring in infrastructure; to attract strategic investors in the corporate sector; to strengthen small business development and to enhance competition and support financial sector reform.
The Government look forward to the EBRD continuing to work with the Russian Government on these issues in the context of its forthcoming strategy for the Russian Federation, 2005–07, which is currently under consideration.