PRESIDENT OF THE LUXEMBOURG-BASED EUROPEAN INVESTMENT BANK SIGNED AN AGREEMENT SUNDAY TO CREATE A MULTILATERAL CARBON CREDIT FUND. UNDER THE NEW STRATEGY, THE EBRD IS PLANNING TO FOCUS MORE ON RUSSIA AS WELL AS POORER COUNTRIES IN SOUTHEASTERN EUROPE, CENTRAL ASIA AND THE CAUCASUS ALONG WITH BULGARIA AND ROMANIA WHILE AT THE SAME TIME ROLLING BACK INVESTMENT IN THE EIGHT NEW EU MEMBER STATES,. BUCHAREST AND SOFIA ARE HOPING TO BECOME THE EU'S 26TH AND 27TH MEMBERS IN JANUARY NEXT YEAR. THE PROSPECTS FOR CONTINUING GROWTH ACROSS THE CEE AND CIS REGION ALSO COMES AS SIGNS EMERGE OF THE GROWING CHALLENGE FROM COUNTRIES SUCH AS CHINA. THIS IN PARTICULAR CONCERNS THE EIGHT CEE STATES THAT SIGNED UP TO EUROPEAN UNION MEMBERSHIP IN MAY 2004. BUT IN RELEASING THE BANK'S UPDATED REPORT EBRD BERGLOF SAID THE EU'S NEWCOMERS HAVE UP UNTIL NOW MANAGED TO SEE OFF THE CHALLENGE POSED BY NATIONS WITH LOWER COST BASES. "SO FAR THESE COUNTRIES HAVE BEEN REMARKABLY SUCCESSFUL IN EXPORTING TO SOPHISTICATED MARKETS," HE SAID. "ONLY CHINA HAS BEEN DOING BETTER," HE SAID. BERGLOF WENT ON TO SAY: "THE REGION HAS BEEN VERY SUCCESSFUL IN COMPETING WITH CHINA."
