EBRD Board Backs Proposed Capital Increase

European Bank for Reconstruction and Development directors will back a proposal to increase the bank’s capital to 30 billion euros (USD40 billion), Agence France-Presse reports. The directors will endorse the proposal to EBRD governors during the bank’s scheduled meeting in May, the news agency quoted an insider source who requested anonymity as saying. The proposal was drafted by EBRD President Thomas Mirow and represents an increase of 10 billion euros from the bank’s current capital of 20 billion euros.