The Treasurer, the Hon Peter Costello, MP, today announced the nomination of Mr Gary Johnston, a senior official with the Commonwealth Treasury, to the position of Alternate Executive Director of the European Bank for Reconstruction and Development (EBRD) in London for a term of three years.
Mr Johnston will assist the Executive Director in representing a constituency of countries within the EBRD, the members of which are: Australia; Egypt; Korea; and New Zealand.
Australia has been a member of the EBRD since it was established in 1991 to assist the countries of central and eastern Europe in the transition towards market economies by investing in projects in both the private and public sectors.
In the 2000-01 Budget, the Government agreed to Australias participation in the General Capital Increase of the EBRD, which has experienced an increasing demand for resources, including from the war in Kosovo and developments in Russia. This demonstrates Australias active support for the region, as well as Australias commitment to the ongoing development of the international economy as whole. It also follows on from Australias assistance to the victims of the Kosovo crisis.
Mr Johnstons main duties will be to assist in the governance of the Bank, including through consideration of a wide range of policy issues and EBRD loan and investment proposals considered by the Executive Board.
Mr Johnston has extensive experience in the work of international financial institutions (IFIs), including the EBRD, through his current role as Chief Adviser - International, within the Treasury where he has provided oversight of the strategic direction and policy development of international issues of key interest to Australia. He was previously General Manager of the International Finance Division, which is the division responsible for Australias involvement in the IFIs, and was Treasurys senior representative to the Australian Embassy in Washington.