Add to favorite
 
123
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS


EBRD Chief Promotes Russia Among Investors
May 31, 2013 23:17


Photo Credit: http://www.hurriyetdailynews.com

Speaking at the U.S. Chamber of Commerce in New York in April 2013, EBRD President Sir Suma Chakrabarti told an American audience of investors of the vast opportunities of the Russian economy.

Despite the challenges, “there are still good reasons to engage with and invest in Russia,” he said.

According to the bank’s official website, Russia is the ‘largest recipient of EBRD investments’, with more than 23 billion euro provided for over 700 successful projects in the country.

In his speech, President Chakrabarti highlighted a recent EBRD report, ‘Diversifying Russia’, which focuses heavily on the urgent and overdue need for diversification.

Dependency on oil and gas is a major issue. “In fact, the share is higher, today, than it was fifteen years ago,” he said.

He warned of corruption but he also pointed to the growing middle class which is “demanding higher quality products that could often only be manufactured in Russia by western companies.”

Key challenges

  • Labour productivity one of the lowest amongst industrialised nations
  • Energy intensity about 2.5 times higher than the world average
  • Dependence on commodities
  • Corruption

Key projects in 2012

  • PCMA RUS, a €168 million loan to automotive producer for the construction of a modern car plant,
  • KDL, Russia’s third largest chain of labs for medical testing,
  • Katren, the third largest pharmacy wholesale distribution network,
  • software developer Prognoz,
  • telecoms infrastructure operator Russian Towers,
  • KupiVIP, Russia’s leading online fashion store,
  • Fenice Rus, an energy service company (ESCO) providing turn-key energy efficiency solutions to industrial companies,
  • Far Eastern Republic of Sakha, Yakutia, a €75 million loan to modernize municipal district heating
  • RAO ES Vostoka (ESV) and RusHydro, a €100 million project to switch from coal to gas fuel at the Vladivostok power plant, alongside reform of the isolated Russian Far East power system.
  • MICEX Stock Exchange, equity investment to improve corporate governance ahead of its IPO in February 2013.




Author: Mikhail Vesely

Tags: Russian economy MICEX    

Next Previous

You might also find interesting:

Soviet Brand Andrei Tarkovskys Son to Film Documentary about his Father Invest in Russia or not? Bank of Russia FX policy Dollars dive against Ruble









Comment on our site


RSS   twitter   facebook   submit

Bookmark and Share

search on the map
TAGS:
Russian business  Samara FIFA 2018  Russian regions  Moscow taxis  Vladimir Yakovlev  Faberge Museum  Moscow  Krasnodar region  Kolomenskoye Museum Estate  Russian Cinema  Tram Monument  Folk Toys  Gennady Rozhdestvensky  St. Petersburg  Altai  Yakutia  sputnik  Russian tourists  Opposition  Culture events  Viennese Ball In Moscow  Russian-US relations  Mercedes-Benz Fashion Week Russia  Exhibitions in Moscow  Football Stadium Kazan Arena  Dagestan  Victory Day  Dictionaries of the 21st Century  Burial Grounds  City Hunter  Russian Film Directors  Novosibirsk Oblast  Russian economy  secret agency  Russian painters  peat bog  Russian ballet dancers  Russian exhibitions  Festivals in Moscow  Sochi Games   Georgiy Zhzhonov  Russian tourism  Russian aviation  Russian festivals  Krasnodar Territory  Moscow summer  Taiga  travel to Russia  the Urals region  Moscow State University 


Travel Blogs
Top Traveling Sites