CLOSING STATEMENT BY THE CHAIR OF

THE
BOARD OF GOVERNORS

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 MR HARRIS GEORGIADES
CHAIR OF THE BOARD OF GOVERNORS OF THE EBRD

Annual Meeting, Tbilisi 15-16 May 2015

PLENARY SESSION – CLOSING STATEMENT

Distinguished Governors,
Ladies and gentlemen,

I thank the President for his closing remarks and I would like to add a few closing words of
my own.

Let me begin by saying that it has been a great honour for me to chair this 24th Annual
Meeting of the Board of Governors of the EBRD here in Tbilisi. I also wish to express my
heartfelt gratitude to all Governors who have actively taken part in a rich and constructive
exchange of views.

This leads me to two main considerations. First, a fruitful discussion bears witness to the fact
that the Bank and its staff continue to enjoy the full backing of the Board of Governors as
they further promote the transition impact of the Bank’s activities. Second, the ideas that
have been put forward during our debate are designed to further refine the strategic direction
of the Bank’s activities, which have become even more relevant given the uncertainties and
challenges faced by the Bank’s countries of operations. For these reasons I believe that the
Board of Governors has delivered on its main mandate of providing high-level support and
operational guidance to the Board of Directors, the President and his staff.

Allow me to stress a number of points that you have made in your statements and which I feel
are strategically important for the Bank. The Strategic and Capital Framework 2016-2020
will make the Bank more nimble and responsive to the ever-changing operating environment.
Governors gave their support to the strategic priorities set out in this document. The Strategy
Implementation Plan will cover a rolling three-year period and will give us tools through
which we can operationalise the guidance from the SCF, prioritise activities and adapt them

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to country-specific circumstances, while continuing to be guided by transition, additionality
and sound banking principles, using the Bank’s resources efficiently and streamlining the
decision-making process.

Governors welcomed the Bank’s goal of building an enhanced capacity, policy dialogue to
foster robust economic and regulatory reforms, good governance and inclusiveness. There
was equally strong backing for supporting SMEs through the Bank’s Small Business
Initiative, which was highlighted by many Governors, and for other important plans and
initiatives including infrastructure, gender, inclusion, food security and local-currency capital
markets.

There was an especially clear desire to significantly step up activities to fund climate change
and mitigation and resource efficiency. The Bank has extensive expertise in these areas and
can definitely make a valuable contribution in several countries of operations. Several
Governors said that this ties in well with the promotion of sustainable-development goals and
financing for development, to include sustainability; economic growth as a way of combating
poverty; private-sector mobilisation; climate change; and inclusion. These are areas where
the Bank’s expertise can make an invaluable contribution and where IFI cooperation could be
further stepped up, which was a key dimension highlighted by Governors.

Positive references were made in regard to the Bank’s temporary engagement in Greece and
Cyprus and the increased operational activities in the SEMED region.

I would like to express my explicit support to the granting of recipient-country status to

Egypt.

In addition, I note the remarks made in relation to the operations in Russia and the strong
support for the Bank’s operations in Ukraine.

Many Governors congratulated the President on his modernisation agenda, which will enable
the Bank to further consolidate its position in a fast-changing world and to take up new
challenges. The modernisation agenda has further honed the Bank’s ability to improve its
policy focus and project design to develop a structural and thematic approach to country
strategies, and to use its resources more efficiently and effectively.

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I should also note that many Governors expressed their disappointment at the outcome of
yesterday’s vote on the EBRD’s governance structure. Even though the vote showed strong
support for the proposition, our very own voting rules must be respected, which means that
for now, we continue with the existing arrangements.

Before concluding I would like to thank you all for your excellent participation in this Annual
Meeting. On behalf of everyone I wish to express my genuine gratitude to His Excellency
Irakli Garibashvili, the Prime Minister of Georgia, and through him to all the Georgian
authorities involved in the preparation and hosting of this very successful Annual Meeting.
Our sincere thank-you also goes to you, Mr President, for your strong leadership, and to the
Bank’s staff for ensuring that the Bank’s activities continue to provide tangible impacts and
value-added in all countries of operations.

Governors, ladies and gentlemen, I now declare the 24th Annual Meeting of the EBRD
officially closed. We bid farewell to Tbilisi and look forward to our next Annual Meeting in
May 2016 in London.

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