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OeEB established as an international player

Logo © Oesterreichische Entwicklungsbank AG

© Oesterreichische Entwicklungsbank AG

11. May 2010

The balance sheet of Austria's official development bank - Oesterreichische Entwicklungsbank OeEB - has impressive results just two years since it first offered its services. The good work has also been recognised by international rating agencies.

In its second business year, Oesterreichische Entwicklungsbank AG (OeEB) has managed to fully establish itself as an international player in the development sector. The balance sheet total of the official  Austrian OeEB - which has only been operating actively since March 2008 - increased from EUR 58.5 million (2008) to EUR 106.8 million. Annual net profit rose to over EUR 580,000. The strong growth was also reflected in the ratings from international rating agencies. For example, Standard & Poor’s Ratings Services assigned its “AA+” long-term credit rating to OeEB.

29 projects were realised in 2009, including contributions towards achieving the so-called UN Millennium Development Goals . In the turbulent year of 2009 OeEB had a particular focus on strengthening financing structures in developing countries and emerging economies. Every project was evaluated by OeEB in terms of its effect on development policy. The approval procedure uses a rating tool favoured by many European development banks. This allows the desired parameters to be evaluated right from the start: creating and securing jobs, education and know-how transfer or generating tax revenue for the developing country.

In 2010 OeEB is concentrating on projects which focus on infrastructure, renewable energy, manufacturing, the service industry and agribusiness. In the last fiscal year 24% of new OeEB projects dealt with SEE and Russia, 19% concerned Latin America and 19% Africa, with 10% related to Asia.