<b>Public investment bank seeks its niche</b>

January 01, 1999

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Headline: Public investment bank seeks its niche Source: Euromoney Date: April 2001         Jean Lemierre Jean Lemierre, former secretary of the French Treasury, was appointed president of the EBRD last May, just as the institution approached its tenth anniversary and the most successful transition economies of central and eastern Europe finalized their applications for EU membership. Lemierre took the reins of an institution in no mood to celebrate. It is still suffering from financial losses and loss of confidence after the 1998 crisis in Russia, the country that alone accounts for 20% of the EBRD’s investments. Euromoney asked Lemierre about the role of the EBRD now. It is still struggling to define its place in the 26-country region in which is the largest single investor. With the brightest stars headed for the EU, the EBRD must concentrate its efforts in the poorer countries to the east. They certainly need help, but financeable private-sector projects are hard to find. Meanwhile it has become a tub-thumper for good corporate governance. How did the scandals surrounding your first president affect the bank? They were problem for a few months; but you cannot tell the story of an institution just through one man’s actions.

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Banking