In spite of record operational indicators European Bank of Reconstruction and Development (EBRD) net profit last year reduced by 20.84%, according to ABC.

EBRD informed last year net profit made EUR 1.9 bn versus EUR 2.4 bn in 2006.

“At the same time the Bank retained 80% of 2007 net income in reserves to support long-term transition mandate. Record number of new investments totaled 353, up by 17%. Record business volume reached EUR 5.6 bn. Sharp rise in new investments in equity projects made EUR 1.7 bn. Further rise in investments in private sector reached 86% of total,” it was reported. Total EBRD financing reached EUR 36.9 bn and total project value EUR 116.9 bn.

“The Annual Meeting 2008 will elect a new president as Jean Lemmierre steps down after serving two four-year terms,” it was informed.

The Annual Meeting will be held on May 18-19 in Kyiv (Ukraine).