DFIs provide strong arms for trade

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22 October 2009

Development finance institutions (DFIs ) have always played a major part in projects in their areas of operation. Over the past year however, as the global financial crisis has deepened and had an increasing impact on credit availability and trade, the DFIs have responded with additional funds and initiatives to help alleviate some of the problems. Trade Finance looks at some of the latest activity in Central and Eastern Europe.

In early October, three international financial institutions (IFIs), namely the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) Group, and the World Bank Group warned against complacency in the face of significant challenges that stand in the way of economic recovery in Central and Eastern Europe.

Speaking in Istanbul at the World Bank and International Monetary Fund (IMF) annual meetings, EBRD president Thomas Mirow, EIB president Philippe Maystadt and World Bank vice president Philippe Le Houérou said that unprecedented coordinated international action had helped stave off a systemic crisis in the region, but more needed to be done. They pledged renewed action on the part of their institutions to support the region’s return to growth.

The leaders noted: “We are pleased to report that our institutions are well on track – if not ahead – to deliver on the Joint IFI Action Plan commitments.”

There are commitments...

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