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EBRD chief voices growth hopes for recovery in stakeholder Japan

by Michael Klimes

JIJI

Japan’s economic recovery could help bolster global growth, Suma Chakrabarti, president of the European Bank for Reconstruction and Development, said in a recent written interview.

“A return to buoyancy in the world’s third-largest economy could certainly help bolster overall global economic demand at a time when other drivers of growth remain limited,” Chakrabarti said.

With a capital share of 8.5 percent, Japan is a very important founding member of the EBRD, and “one which plays a very active role in shaping the EBRD’s activities,” he said.

Joint Japan-EBRD investment stood at €5.69 billion at the end of last year, according to Chakrabarti.

“Among the most recent projects involving Japanese companies is the Al-Manakher Power Project in Jordan, which aims to develop a power plant 15 km east of Amman,” he said.

The plant is intended to help Jordan meet its urgent power needs in the short term and in the longer term support its transition toward a sustainable economy, Chakrabarti said.

The project development company is 40 percent owned by trading house Mitsui & Co., according to Chakrabarti.

“We believe there are many new opportunities for Japanese companies both in our traditional post-communist region of operations and in our new countries of north Africa and the Middle East,” he said.