The EBRD is working urgently across the regions where it invests to provide immediate support to companies that are suffering from the impact of the coronavirus pandemic.
The resilience framework will last as long as it is needed. How long it operates will depend on demand from clients.
This important initial stage demonstrates solidarity with our most important stakeholders: our existing clients. (Existing clients are understood as partners who have an outstanding EBRD Loan or equity investment - or who have repaid or exited since 1 January 2019.)
In this dynamic and uncertain environment and in a time of crisis when speed is of the essence, the EBRD is ready to do whatever it takes.
Without compromising sound banking, accountability or compliance standards, our management is already developing a streamlined approach to project approval.
Elements of the resilience framework:
- Expansion of trade finance and where required short term (up to 2 years) finance through financial institutions, notably in support of SMEs;
- Short-term (up to 2 years) working capital facilities for corporates and energy developers;
- For sub sovereign municipal, energy and infrastructure clients, balance sheet restructuring and short-term liquidity support
- The EBRD will take “an enabling view” to restructuring of existing loans adjusted repayment schedules, collateral, interest rates and fee structures
- We will exploit our ability to disburse in local currency, including the possible conversion of existing facilities into local currency.
- Our SME Finance and Development teams are working to support SMEs by using available digital tools to provide critical advice - and to women-led SMEs in particular - on cash, liquidity and crisis management.
New video highlights Bank’s response to coronavirus pandemic
The EBRD is well-placed to support the companies that need its help:
1. Our capital position is strong: stronger than before the global financial crisis of 2008/9. We can continue making sound investments – even in the case of a severe scenario with a prolonged pandemic, contraction and U‐shaped recovery.
2. The EBRD has strong relationships with the governments in the countries where it operates and it will work with the relevant authorities on how the EBRD can best respond to the crisis.
3. It has very close relationships with its clients and will help formulate the response to the crisis
4. The EBRD’s Resident Office network gives the Bank unrivalled capacity for business continuity, as our local staff originate and monitor our crisis response on the ground.
At all times we are closely following the statements of our major shareholders and coordinating with other multilateral development banks in order to exchange ideas and learn from each other's experiences.
Procurement guidance during the covid-19 pandemic
The EBRD has issued procurement guidance for clients and tenderers with advice for the period of the covid-19 pandemic.