May 17, 2006
JS-4268

Assistant Secretary Lowery to Travel to London to
Attend Annual Meeting of the EBRD

Assistant Secretary for International Affairs Clay Lowery will travel to London this weekend to lead the U.S. delegation at the Annual Meeting of the European Bank for Reconstruction and Development. Lowery issued the following statement in advance of this weekend's meetings on the adoption by the Bank's Board of Directors of the five-year strategic plan, known as the Capital Resources Review, covering 2006-2010:
 
"We welcome this commitment which reflects a fundamental strategic shift of Bank operations to the countries south and east that have not yet completed the transition process to open market-oriented economies.  Importantly, the graduation of all eight new EU countries from the EBRD over the next few years evidences the completion of this transition for these countries, and allows the Bank to shift fully its focus and resources to those countries where significant transition challenges remain.  These include some of the Balkan countries, Ukraine, Moldova, the Caucasus, and Central Asia.

"This is a historic new beginning for the Bank, and I commend President Jean Lemierre for his leadership on this issue. This keeps EBRD true to its mandate as a temporary development bank focused on helping former communist countries develop market economies."

Lowery will hold a press conference at the annual meeting in London:

Who  
Assistant Secretary for International Affairs Clay Lowery
What  
Press Conference
When  
Monday, May 22, 11:30 a.m. (Local Time)
Where  
Hilton London Metropole  
225 Edgware Road
London W2 1JU, UK