On Thursday 12 May 2016, Luxembourg Minister of Finance, Pierre Gramegna, was unanimously elected as chairman of the Board of Governors of the European Bank for Reconstruction and Development (EBRD).
Minister Gramegna will hold this position until the end of the next Annual Meeting, which will take place from 10 to 11 May 2016.
Owned by 64 countries, the European Union and the European Investment Bank, the EBRD was originally created in 1991 as a means of establishing a new post-Cold War era in Central and Eastern Europe. It is now present in over 30 countries, from Central and Eastern Europe to Central Asia and the Southern and Eastern Mediterranean and is the first financial investor in the region. It is involved in actively promoting private intiative and entrepreneurship.
Each EBRD shareholder is individually represented at the Board of Governors, which holds overall authority over the bank.
"The EBRD is key to economic development and therefore the political stability of a significant part of the world," commented Minister Gramegna. "To chair the Board of Governors is both and honour and an important challenge. I thank the Council members for the confidence they have shown in Luxembourg."
Photo by Gov.lu
