05/06/2023

Central Bank of Malta representatives participated at the European Bank for Reconstruction and Development (EBRD) Constituency Meeting at Samarkand, Uzbekistan

At this year's European Bank for Reconstruction and Development's (EBRD) 32^nd Annual Meeting, held between 16-18 May 2023 in Samarkand, Uzbekistan, the Central Bank of Malta Governor and Governor of the EBRD was represented by Mr Matthew Zammit and Mr Ahmed Hnesh from the Eurosystem and International Relations Office of the Bank.

Comprising the central event within the Bank's calendar, the annual meeting fulfils several functions, chief amongst which are the gathering of the Board of Governors (the EBRD's highest decision-making body) and the Business Forum. The latter event attracts a wide variety of government, private sector and civil society organisations from around the world.

Established in 1991, the EBRD is an institution dedicated to promoting the transition towards a sustainable economy and the emergence of a strong private sector. The Bank is owned by 71 countries, the European Union and the European Investment Bank. It operates in nearly 40 economies in Europe, Asia and Africa that are committed to and applying the principles of multiparty democracy, pluralism and market economics.

As emphasised by EBRD President Odile Renaud-Basso and several of the Bank's directors and governors, this year's annual meeting represented one of the most significant occasions in the history of the Bank, amid the invasion of Ukraine and the difficult global financial conditions. To this end, during the Annual Meeting, members reaffirmed the critical role the Bank must play in supporting Ukraine and acknowledged the need for additional shareholder support. Moreover, the Bank has also approved amendments to the Agreement Establishing the Bank to enable the limited and incremental expansion of its operations to sub-Saharan Africa and Iraq.

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