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The Bank faces various challenges to achieving transition impact in its countries of operations.
In the advanced transition economies there is frequently no longer any financial incentive for the government to borrow from EBRD, given their access to cheaper sources of funds, either commercially or from other non-private sector lenders. These cheaper sources of funds typically do not require the developmental covenants required by EBRD, so may represent a less demanding finance option.
The challenge for the EBRD in these countries is to achieve transition impact through the encouragement of commercial behaviour in the state sector. In the advanced countries, the Bank will increasingly undertake projects primarily on the basis of demonstration impact. The market will assess the success of these innovative transactions and replicate those which show promise.
Those countries in early and intermediate transition with less access to alternative, less demanding finance sources continue to offer opportunities to achieve transition through covenants and borrower undertakings. In the smaller and poorer early transition countries the challenge is to achieve transition impact notwithstanding that larger projects are likely to be scarce and that there will be impediments to borrowings by the sovereign if the sovereign is subject to restrictions imposed by the IMF.
In such countries institutional and regulatory development will continue to be the principle focus of transition. For state-owned clients undergoing commercialisation and restructuring, the Bank recognises an ongoing need to reinforce transition over a series of transactions. This is because of the complexity of the reform process, which takes time to achieve, and the consequent need to maintain momentum over time in its reform dialogue with clients and governments.
Last updated 26 April 2010