In this videoblog, Minister for Finance Prof. Edward Scicluna discusses the European Bank for Reconstruction and Development (EBRD). He explains that it is a European banking institution that carries out crucial development projects with a special focus on former Soviet Union countries.

He explains that the majority of shareholders, which include Malta, are European countries which have all invested capital so that the bank can invest in development and infrastructure projects, such as airports, in countries requiring assistance.

Prof. Scicluna notes that more recently, the bank was given a new mandate, that of operating within countries in the Eastern and Southern Mediterranean region, which includes North Africa.

Prof. Scicluna explains that due to Malta’s importance when it comes to investments and other efforts in Libya, he extended an invitation to the EBRD President Sir Suma Chakrabarti, who was in Malta on 16th July with an EBRD delegation.

Prof. Scicluna adds that during high profile meetings with various Ministers and other senior officials from the Maltese private sector, the EBRD delegation was able to see firsthand Malta’s expertise in interacting and doing business with countries in the Southern Mediterranean region, especially Libya.

Prof. Scicluna remarks that once the EBRD begins working in this region, it will see Malta as a valuable ally, and a safe and stable location from where it would be able to conduct its operations and carry out investments.
– 21st July 2014