EBRD signals success

THE European Bank for Reconstruction and Development (EBRD), set up to help former communist countries become more efficient, apologised yesterday for Soviet style queues and overcrowding at its annual meeting. But first vice president Mr Ron Freeman said the overcrowding, while regrettable, was also a tribute to the amount of interest the countries of central and eastern Europe had succeeded in arousing among international investors.

Irate bankers spent up to five hours waiting for admission at the start of the four day gathering on Saturday, while many were unable to attend presentations by Russia and Bulgaria on their economies on Sunday because meeting rooms were too small. The EBRD, which expects around 4,000 participants for this year's meeting, on Saturday offered to refund the £200 sterling registration fee for people forced to wait a long time. Responding to charges that the meeting rooms were too small, Mr Freeman said: "That's one way to put it. The other way to put it, more constructively, is that enthusiasm for this region is growing." Rather than blaming the organisers, he said the 26 countries in which the bank operated should be congratulated "for attracting an extraordinary number of people who are so interested in hearing what's going on."