Head of EBRD hopes to expand into sub-Saharan Africa

The European Bank for Reconstruction and Development keen to work with countries committed to market economics

A bank originally set up to help countries of the former Soviet bloc is poised to extend its operations into sub-Saharan Africa in order to speed up progress in meeting ambitious development goals set by the United Nations.

Sir Suma Chakrabarti, the president of the London-based European Bank for Reconstruction and Development, said his organisation had the money and the expertise to stimulate the growth of strong private sectors in some of the world's poorest countries.

Related: Global debt now worse than before financial crisis, says IMF