PARIS : Money for Eastern Europe
After deciding on a home (London) and a president (Jacques Attali, special counselor to French President Francois Mitterrand), the 42 founding members of the European Bank for Reconstruction and Development are to sign a treaty in Paris today formally launching the $12 billion institution.
The bank is meant to give financial help to the newly democratized nations of Eastern Europe, which face a massive task of economic restructuring. But it will be at least six months before the loans begin to flow. The procedural delay is to allow the necessary two-thirds of member states to ratify the treaty--a step required by May 31, 1991.
Among key officials expected at today’s signing: U.S. Treasury Secretary Nicholas F. Brady.
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