The European Bank for Reconstruction and Development (EBRD) has appealed to member states for an extra EUR10 billion to lift its capital by 50 percent to mitigate the impact of the global economic crisis on central and eastern Europe. The London-based bank's move, coming just before the IMF's annual meeting, highlights its concerns that the region's difficulties could be overlooked. The EBRD appealed for the money to expand lending and compensate for a drop in private capital flows to the former Eastern bloc. In a letter to shareholders, EBRD President Thomas Mirow said while the region's economies had begun to stabilize, "they have not done so uniformly and it would be premature to say that a general turnaround has begun."
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