LONDON Nov 8 Three multilateral organisations
on Thursday announced a 30 billion euro joint action plan to
support economic recovery and growth in crisis-hit central and
The two-year plan agreed by the European Bank for
Reconstruction and Development, European Investment Bank and
World Bank is similar to a joint action plan they launched after
the 2008/09 financial crisis.
The latest plan is "a direct response to the continuing
impact of euro zone problems on the economies of emerging
Europe", the organisations said in a statement.
The EBRD, which spearheaded the Vienna Initiative to prevent
disorderly deleveraging by western European banks from emerging
Europe, said it would commit four billion euros over the 2013/14
The EIB will commit 20 billion euros and the World Bank 6.5
The plan will support private and public sector initiatives,
including infrastructure, corporate investment and the financial
sector, in Albania, Bosnia Herzegovina, Bulgaria, Czech
Republic, Croatia, Estonia, Macedonia, Hungary, Kosovo, Latvia,
Lithuania, Montenegro, Poland, Romania, Serbia, Slovakia and
"These countries have made important adjustments in fiscal
and current accounts, increased domestic savings and improved
bank balance sheets," the multilateral organisations said.
"But they still face important challenges, including the
continuing impact of problems in the euro zone."
The commitments made exceed the 24.5 billion euros lent by
the organisations during the previous joint action plan in
The EBRD projects growth for the whole emerging Europe and
North Africa region in which it operates, of 2.7 percent in 2012
and 3.2 percent in 2013.
It sees recession this year in Croatia, Hungary, Serbia and