Israel will have input into the economic development of Eastern European countries.
Israel was admitted Tuesday as a founding member of the European Bank for Reconstruction and Development, a financial institution newly created by the European Community.
The bank’s purpose is to assist the economic integration and democratization process of the Eastern European countries, which have shaken off more than 40 years of Communist rule and have embarked on major economic and political reforms.
As a member, Israel will be able to present projects to the bank’s board for financial backing and guarantees.
The United States and Canada, and a half-dozen other major industrial powers outside the 12-member E.C., have also joined the project.
Professor Michael Bruno, governor of the Bank of Israel, Israel’s central bank, will attend the first formal session of the new bank’s board of directors in Paris next week. The board will appoint its officers and decide where it will be located.
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