The development of infrastructure is key to higher competitiveness, Mr Kaempfer said. Set up to support private projects in emerging markets, the EBRD will continue to contribute to the development of infrastructure facilities in Russia, including all types transport, road construction, and electricity distribution networks, he promised.
The EBRD will also provide support for Russia's banking system, which, in Mr Kaempfer's words, "should become the main lever of economic growth."
The EBRD Vice President reminded his audience that in the past decade, the bank had invested in hundreds of Russian projects. Specifically, it has disbursed 200,000 loans to small and medium-sized businesses of Russia, totaling $2 billion.
Russia's economy has been growing at a fast pace lately and its economic reforms have gained new momentum, Mr Kaempfer noted. But the country still has a long way to go, he added, pointing to such challenges ahead as doubling Gross Domestic Product and gaining membership in the World Trade Organization.
