"Ukraine is absolutely different country than it was 10 years ago, both politically and economically, and has significant potential," President of EBRD Jean Lemierre

The largest financing investor into Ukraine, the European Bank for Reconstruction and Development (EBRD), owned its 17th annual Board of Directors meeting and Business Forum in Kyiv on May 18 and 19.

The EBRD was founded in 1991, in the wave of the Soviet Union's collapse, to help countries transition from planned to opened market economies and foster the growth of democracy in the former Communist countries. Since it began acting in Ukraine in 1993, EBRD had invested more than 6 billion of euros into more than 165 projects.

President of EBRD Jean Lemierre had a discussion how Ukraine had changed in the decade since the EBRD last held its annual meeting in Kyiv.

Of course Ukraine has changed, Lemierre admitted confidently from his office in London.
"It is absolutely different country than it was 10 years ago, both politically and economically, and has significant potential," he said.

Politically, the country had a peaceful revolution, known as the 2004 Orange Revolution, and has determined a multiparty representative democracy, he noted.

Economically, the long-termed phase of privatization of state owned property is drawing to a close, and a new phase had begun where private owners are consolidating their business, restructuring them efficiently and becoming more transparent, Lemierre added.

Lemierre, the EBRD's 4-th president and a native of France, is completing his second term and will step down this summer. His advisor, Thomas Mirow of Germany, will be formally presented at this weekend's meeting and the Board of Governors is expected to approve his appointment.