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EBRD Urges Russia To Share Wealth Fairly

(ITAR-TASS) May 22, 2006 -- The president of the European Bank for Reconstruction and Development (EBRD) has appealed to Russia to allocate the country's resources in a "fair" manner.

Jean Lemierre says Russia's challenge must be to ensure that state-controlled resources are redistributed and managed "in a fair way that the people and investors can understand."

Speaking on the final day of the bank's annual conference in London, Lemierre said the EBRD will work closely with Moscow to encourage investment in Russia's banking, water, and domestic heating sectors.

Under a new five-year plan, the bank plans to devote more than 40 percent of its resources to Russian investments by 2010, up from 26 percent currently.