A leading economist says Russia, Ukraine, and other East European countries have made significant progress in reforming their economies and embracing market principles

A leading economist says Russia, Ukraine, and other East European countries have made significant progress in reforming their economies and embracing market principles. Peter Voicke, the outgoing executive vice president of the World Bank's International Finance Corporation (IFC), says so-called transitional economies have become more competitive in the global market. But, Mr. Voicke says, Eurasia's future economic development will depend heavily on the political will to eradicate corruption. Peter Voicke is stepping down after six years as the executive vice president of the International Finance Corporation, the private sector arm of the World Bank. He says the IFC has promoted private sector investments in the former communist countries of Eastern Europe and Central Asia, and has provided assistance and advice to governments and businesses. In an interview with VOA, Mr. Voicke said the IFC has been heavily involved in improving the investment climate in the region. Russia, says Mr. Voicke, is one of IFC's major clients. "In Russia, we have a very diversified portfolio," he said. "We are looking now at the finance of natural gas industry. [We] have financed transportation companies. Initially, we provided long-term loan to a company, Logar Dnjeper, a very innovative freight airline. We are in logistic companies, which do oil transportation, railway companies, in glass manufacturing. We would love to invest more in the financial sector. "In Russia, you have a relatively weak financial sector," Mr. Voicke went on to say. "There are a lot of small banks; we have already supported some of them. Then you have some oligarch banks, big spare banks and big merchant banks, the National Bank. The financial market is one where IFC could provide a lot of investments." Mr. Voicke sees a great potential for foreign investments in Ukraine, especially in the agricultural processing sector, following recent political changes.