A digest of recent news from the EBRD
Acting President Rigterink promises delivery of support
In his first interview as Acting President Jürgen Rigterink told the leading Dutch business daily “Het Financieele Dagblad” about his plans until the election of a permanent successor at the helm of the EBRD. He underlines that the Bank will continue to deliver on its response to the coronavirus crisis.
Unveiling proposal to be majority green bank by 2025
The EBRD unveiled a proposal to become a majority green bank by 2025 as the Bank looks to further scale up its drive for a low-carbon future with the goal of devoting over 50 per cent of its annual investments to the green economy.
Raising trade finance limit to €3 billion
In response to record demand for trade finance the EBRD has increased the total exposure limit of its Trade Facilitation Programme to €3 billion, a rise of 50 per cent on the previous maximum of €2 billion for 2020.
Supporting Ukraine’s air navigator
An EBRD €25 million loan to Ukraine’s air navigation service UkSATSE under the EBRD coronavirus Solidarity Package, signed on Friday, addresses liquidity and working capital needs, ensuring vital infrastructure services despite the impact of the coronavirus pandemic.
Investing in bond issuance in Greece
In Greece, the EBRD invested €57.5 million in the energy provider GEK TERNA’s successful issuance of a seven-year €500 million bond. The company is also a leading investor in renewables.
Financing for SMEs in Western Balkans
The EBRD and the EU increased their support for small businesses in the Western Balkans up to €70 million in new credit lines to partner financial institutions with the provision of additional financing, following the outbreak of the coronavirus pandemic.
Webinar: Fiscal policy and the post-COVID social contract
EBRD Chief Economist Beata Javorcik joined Willem Buiter of Columbia University and the FT’s Martin Wolf for a panel discussion which discussed how governments will find fiscal space to finance their current interventions to combat the coronavirus crisis.
EBRD media interviews:
- Sir Suma Chakrabarti’s last interview at the EBRD: A Bengali with faith in Serbia
- Cevat Giray Aksoy quoted in Washington Post’s Coronavirus will undermine trust in government for decades
- Francis Malige: Moroccan businesses need more general financial support in these times of crisis
- Hannes Takacs: EU to launch IPO fund
Helping SMEs in Serbia cope with coronavirus
In Serbia, an advisory project supported by the EU Western Balkans Enterprise Development and Innovation Facility (WB EDIF) and the EBRD helped Valor Group, a corporate training and consulting specialist, launch an innovative digital platform for hosting its range of learning programmes.
EBRD helps Jordan’s tourism sector recover
In Jordan, where the tourism and hospitality sector generates more than 13 per cent of GDP, more than 20,000 employees are to benefit from online training to facilitate safe re-opening, under an EBRD partnership with government and business associations.
How ‘smart’ can keep cities safer from pandemics
The EBRD has added “smart” into its flagship EBRD Green Cities urban sustainability programme to address future challenges including the climate crisis. Smart technology can provide real-time information to help cities provide clean air, drinkable water and non-polluting infrastructure.
The EBRD celebrated Pride on social media, with a photo from last year’s march in London, highlighting that the Bank is determined to combat all forms of discrimination.
Tina Kekelidze, from the EBRD’s Property and Tourism department, took over the Bank’s Instagram account featuring photos and interesting facts from Georgia.
The EBRD approved or signed the following new projects this week:
- In Poland, a €24 million loan to the paper producer Velvet Care for the company’s expansion
- In Turkmenistan, a US$2.5 million loan to the PVC producer Ak Gap for the upgrade of equipment
- In Tunesia, a €5.0 million loan to Compagnie Internationale de leasing for onlending to micro and small businesses
- In Montenegro, a €5.0 million loan to Hipotekarna Banka for onlending
- In North Macedonia, a €5.5 million loan to the metal company Aktiva doo for a new facility
|Newly approved projects week 03-10 July|
|06-Jul||Poland||Velvet Care||€24 million loan for expansion||Manufacturing and Services||Signed|
|06-Jul||Greece||GEK TERNA S.A.||€57.5 million bond investment||Energy||Signed|
|06-Jul||Turkmenistan||Ak Gap||US$2.5 million loan for equipment upgrade||Agribusiness||Approved|
|07-Jul||Tunisia||Compagnie Internationale de leasing||€5.0 million for onlending to MSMEs||Financial Institutions||Approved|
|10-Jul||Montenegro||Hipotekarna Banka||€5.0 million for onlending||Financial Institutions||Signed|
|10-Jul||North Macedonia||Aktiva doo||€5.5 million loan for completion of new facility||Manufacturing and Services||Approved|
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