May 9, 2018 / 5:00 PM / a year ago

EBRD president says no expansion decision before 2020

FILE PHOTO: President of the European Bank for Reconstruction and Development (EBRD), Suma Chakrabarti, speaks to reporters after meeting Lebanon's Finance Minister Ali al Khalil in Beirut, Lebanon March 15, 2018. REUTERS/Jamal Saidi

DEAD SEA RESORT, Jordan (Reuters) - The European Bank for Reconstruction and Development will not take a decision before 2020 on plans to further expand its countries of operation, the bank’s president Suma Chakrabarti said on Wednesday.

Speaking at a news conference at the EBRD’s annual meeting, Chakrabarti said he would see if the bank’s shareholders would give the green light at next year’s meeting for exploratory work related to expansion.

He had told Reuters last month that the bank was looking at a new wave of expansion into sub-Saharan Africa and other countries in the Middle East, with the possibility of getting the final green light from shareholders at the 2020 meeting [nL8N1RT2B6].

“The decision on further expansion will not be taken before 2020 at the earliest,” Chakrabarti told reporters.

The EBRD currently operates in more than 30 countries, from Morocco to Mongolia.

Reporting by Marc Jones, writing by Sujata Rao

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