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EBRD president embraces fairer and greener vision of growth

As the European Bank for Reconstruction and Development prepares for its annual meeting in May, its president, Suma Chakrabarti, talks to Stefanie Linhardt about tackling global environmental challenges, hopes for the reunification of Cyprus and the possible impact of Brexit on EBRD financing.
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Q: This year’s annual meeting of the European Bank for Reconstruction and Development [EBRD] goes under the motto ‘Targeting green and inclusive growth – meeting regional and global challenges’. Why have you picked this theme, and how is it relevant to the host country, Cyprus?

A: I would say with humility that the EBRD is seen internationally as the leading multinational on sustainable energy projects, particularly in the private sector. And for good reason – we’ve built this knowledge and expertise since 2006. [Since then we have had the target] that about 25% of our lending should be in the green economy area. But now, our shareholders [have] supported a shift towards 40% of our lending to be in this area by 2020. We are already doing about a third now, so we are well on the way to getting there.

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