IFIs boost investment in central, southeastern Europe

The three international financial institutions (IFIs) provided nearly 25 billion euros (35 billion U.S. dollars) in central and southeastern Europe in 2013 to stimulate economic growth, an EU statement said Friday. The European Investment Bank Group, the European Bank for Reconstruction and Development, and the World Bank Group launched their Joint IFI Action Plan for Growth for the region in late 2012, pledging to invest a total of 30 billion euros over a two-year period. According to their second report on the Joint IFI Action Plan launched Friday, each of the IFIs is well on the way to meet its target and may substantially exceed its target. Total financing under the initiative had reached 24.8 billion euros by the end of 2013. The funding is aimed at rekindling growth in the region by supporting private and public sector initiatives in infrastructure and energy, as well as in the corporate and financial sectors. "The geopolitical uncertainty and weak growth in and around central and southeastern Europe makes this cooperation even more urgent and important," said Laura Tuck, World Bank Vice President for Europe and Central Asia. (1 euro = 1.38 U.S. dollars)