Dragica Pilipovic-Chaffev

It must be one of the toughest jobs in Russia.

In early 2000, Dragica Pilipovic-Chaffev took over as country head of the EBRD in its unassuming headquarters just off Novy Arbat in central Moscow. With a poor record of investments in Russia, and having lost out heavily in the 1998 debacle, the bank's management decided to be more vigilant.

Pilipovic-Chaffev is tasked with carrying out that wish.

Relaxed and chatty, Pilipovic-Chaffev comes across as a favourite university professor, but has a reputation for being tough and straight talking. Those that have worked with her say she often disregards the cautious diplomatic tones, that are the norm for the bureaucratic EBRD, and says what she thinks. "The bank decided in 1999 that they wanted more people on the ground," says Pilipovic-Chaffev sitting in a plain office that opens onto the Floor of desks where the rest of her staff work.