EBRD President on tour for business partners

Mumbai, Jan 21: Given the huge opportunities for investment that countries in Eastern Europe as also former CIS countries and Mongolia have, Confederation of Indian Industry organized a meeting where Jean Lemierre, President, European Bank for Reconstruction and Development (EBRD) interacted with Captains of Indian Industry in Mumbai.

In his opening remarks, Rajesh Srivastava, Managing Director, Rabo India Finance Ltd, spoke of the global perspective of Indian companies. He said the President of EBRD, Lemirre, has had a long and distinguished career in International Finance, and has overall been instrumental in the Economics and Financial operations of various European countries, having served as Head of France's Internal Revenue Service, as Chairman of the European Economic and Financial Committee, as a member of the European Monetary Committee, as France's Treasury Director, to name a few, before joining EBRD as it's President.

In his address to the captains of Indian industry, Mr Lemierre said the bank has a wide representation in various Central European and Asian Countries, including Russia, Ukraine and Romania. Mr Lemierre said his visit to India was aimed at finding suitable business partners to discuss areas of cooperation and channeling investments in EBRD's countries of Operations. The EBRD, the largest investor in Central and Eastern Europe, has mobilized over 100 billion Euros towards the region from the private sector.

Providing a detailed case study and experience lesson, Nandita Parshad, deputy director, Power and Energy EBRD, pointed out that 'transition' was the mandate for EBRD, and she described it as EBRD's 'mantra'. She explained the basic project criteria necessary for EBRD, adding that strong environment standards were the cornerstone of EBRD's activities.

''Every EUR invested by EBRD mobilized EUR 3.1 in total project cost,'' she added. Among EBRD Financing instruments, she mentioned 'syndicated loans' as one area where two Indian banks, ICICI and SBI had already participated. She also mentioned EBRD's trade facilitation programme, where confirming Indian banks included SBI, HDFC Bank Ltd, Calyon, India (formerly Credit Lyonnais, Mumbai Branch), BNP Paribas Mumbao and American Express Bank Ltd, India.

Providing a similar detailed case study, Hemant Kanoria , vice chairman and managing director SREI Infrastructure Finance Ltd spoke of the company and it's international operations. He mentioned opportunities in the fast growing emerging markets of Brazil, Russia&China, by leveraging SREI's India experience.

He spoke of ZAO SREI Leasing, Russia, which was set up as a Private Joint Stock Company in Moscow (Russia), and commenced business in 2006.

''EBRD is joining hands with SREI as a Shareholder Partner in it's Russian subsidiary Zao SREI Leasing,'' said Mr Kanoria at the recently held meeting.

Zao Srei operation is in consonance with the investment philosophy of EBRD, and EBRD will invest 15 per cent equity capital of Zao Srei as also provide a line of credit to Zao Srei, added Mr Kanoria.

''The Partnership will result in more Indian companies going to Central&Eastern Europe to expand their business with support of EBRD,'' he concluded.

UNI