The Wild East
The fall of the Soviet Union and the end of its rule over the satellite states of eastern Europe came as a surprise to the industrialised nations of the West. But within a short time they had reacted: backing projects to secure Soviet nuclear technology; reconstructing diplomacy to deal with a Russia that, if not exactly an ally, was at least no longer an overt enemy; and, above all, coming to grips with the problem of turning the countries of the Warsaw Pact from centrally planned economies into free market nations.
The European Bank for Reconstruction and Development (EBRD) was founded in 1991 as part of this effort. Funded by 60 nations, the European community and the European Investment Bank, its mandate is to support the transition to market economies throughout the former Soviet bloc. To get EBRD funding, projects have to meet commercial criteria of success, as well as assisting the transition to market economies.
Mike Williams is acting vice-president of risk management at the EBRD's London
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