2. Write down 3-5 questions about the text.

3. Describe the purposes for which the organization was set up. Your Partner ebrd

The EBRD (European Bank for Reconstruction and Development) is a multinational institution set ... with the specific aim of assisting the countries of Central and Eastern Europe to develop into market-oriented economies. Its 59 shareholders include countries from both this region and the rest ... the world, plus the European Community and the European Investment Bank.

The strongest comparative advantage of the Bank relative to other international financial institutions lies in its ability to operate both in the public and private sectors and to have ... its disposal the broadest range and flexibility of financing instruments. The Bank is uniquely equipped in both staff and range of instruments to support the different stages of transition.

Specifically, the EBRD seeks to promote the development of the private sector within these economies... its investment operations and through the mobilization of foreign and domestic capital. In relation to private commercial banks, the EBRD's main advantages lie in its willingness and ability to bear risk. This allows the Bank to act at the frontier of commercial possibilities. It also shares the project risk ... acting with other private sector entities, such as commercial banks and investment funds, as well as multilateral lenders and national export credit agencies.

While its structure is unlike that of a commercial bank, the EBRD has a similar approach ... dealing with projects and it prices its products ... a commercial basis. With its AAA credit rating, the Bank is able to raise funds ... the finest rates from the international capital markets.

For a project to be considered it has to be commercially viable. The Bank does not issue guarantees ... export credits or provide retail banking services.

Foreign joint ventures are one of the EBRD's main vehicles for financing; joint ventures offer partners an effective way to gain access foreign and domestic markets, encourage foreign private investments in the region, reduce risk, and facilitate the transfer ... technology and management skills.

Words you may need:

Англійський варіант	Російський варіант	Український варіант
shareholder	акционер	акціонер
relative to	относительно	відносно
flexibility	гибкость	гнучкість
specifically (эд.)	конкретно	конкретно, особливо
in relation to	что касается	що торкається, відносно
willingness	готовность	готовність
to bear risk	нести риск	нести ризик
multilateral lenders	многосторонние кредиторы	багатобічні кредитори
AAA credit rating	показатель кредитоспособности ААА	показник кредитоспроможності ААА
viable	жизнеспособный	життєздатний

Ex. 8.

a) Open the brackets putting the verbs into the correct forms. b) Describe the IMF's activities during the anniversary year.