EBRD could invest record amount in Eastern Europe in 2010

European Bank for Reconstruction and Development President Thomas Mirow said the EBRD planned to invest between EUR 7-8 bln in Eastern Europe in 2010, vs. the roughly EUR 7 bln slated this year. According to Mirow, the EBRD is focusing on 12 key systematically important Western parent banks. Last week the EBRD announced a USD 573.25 mln loan to UniCredit, USD 125 mln of which is earmarked to be directed to UniCredit’s subsidiaries in Ukraine, with USD 100 mln going to Ukrsotsbank (USCB). Mirow said the EBRD estimated the refinancing need of Eastern European banks (minus Russia and Kazakhstan) at about USD 130 bln. Mirow said the EBRD is in talks with several banks in the region about more loans and investments, though he did not disclose any specific names.