EBRD newsletter - 22 October 2021

By EBRD  Press Office
@ebrd

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Launch of EBRD’s second TCFD report on climate risk assessment

The EBRD published its second annual report based on the voluntary reporting framework of the Task Force on Climate-Related Financial Disclosures (TCFD) this week. Through this publication, the Bank reaffirms its commitments to Paris alignment by 2023 and to Green Economy Transition (GET) projects accounting for 50 per cent of new Bank business by 2025. The report discloses new work on climate risk assessment methodologies and initial portfolio risk assessments.

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EBRD Vice President pays visit to Egypt

EBRD Vice President, Banking, Alain Pilloux, visited Egypt this week for high-level meetings with government officials, engageing with the business community and signing project agreements. He met Prime Minister Mostafa Madbouly, the Minister of International Cooperation and EBRD Governor, Rania Al-Mashat, and other government representatives. Mr Pilloux stressed: “We welcome this opportunity to intensify and deepen our cooperation in order to support in these testing times.”

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EBRD Board’s virtual visit to Moldova

Representatives of the EBRD Board of Directors took part in a virtual two-day visit to Moldova this week. Shareholder representatives of the EBRD met with Moldovan policymakers, businesses and civil society organisations. Under the theme of ‘Reform and Resilience’, the discussions focused on the country’s new reform agenda and the government’s effort to build resilience in light of the Covid-19 pandemic.  

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Overcoming the uranium mining legacy in Uzbekistan

Preparations to tackle the legacy of former uranium mining sites in Uzbekistan can begin, following the signing of a grant agreement today between the Environmental Remediation Account for Central Asia (ERA) and the government of Uzbekistan today. The €2 million grant will support a recently established Project Management Unit, which will be dealing with the environmental remediation of the former uranium mining sites at Yangiabad and Charkesar, located in the mountains east of the Uzbek capital Tashkent.

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EBRD participates in Athens ESG & Climate Crisis Summit

Alistair Clark, EBRD Managing Director of Environment and Sustainability, spoke at the “1st Athens ESG and Climate Crisis Summit” organised by the leasing Greek business newspaper Kathimerini. The panel discussion focused on sustainable finance.

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EBRD Literature Prize 2022 launched

The EBRD announced the launch of its 2022 Literature Prize, in cooperation with the British Council, this week. Now in its fifth year, the EBRD Literature Prize will be chaired for the second year running by Toby Lichtig, Fiction and Politics Editor of the Times Literary Supplement (TLS), joined on the independent panel of judges by Alex Clark, Boris Dralyuk and Dr Kathryn Murphy.

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Project signings and agreements

EBRD becomes minority stake in Estonia’s Enefit Green

The EBRD has acquired a 1.5 per cent stake in the Estonian renewable energy company Enefit Green, underpinning the first share offering by a pure-play renewable energy company in the Baltics. The shares will be listed on the Tallinn Stock Exchange and included in the NASDAQ Baltics Main List. The IPO proceeds will be used to develop, construct and operate renewable generation capacity, including greenfield wind and solar farms, in the Baltic states and Poland.

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Romania’s Iasi to upgrade public buildings with EBRD loan

Iasi, one of Romania’s largest cities, will improve the energy efficiency of public buildings thanks to a €20.5 million loan from the EBRD. The loan will finance the upgrade of 15 public buildings and the reconstruction of a bus and tram depot, designed and equipped for a new urban transport fleet that currently includes 32 trams and 44 electric buses.

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Boosting Georgian firms with TBC Bank

The EBRD and the EU are stepping up their support for micro, small and medium-sized enterprises in Georgia in cooperation with TBC Bank. The EBRD is providing a €25 million loan for on-lending to local firms, with at least 70 per cent aimed at financing investments in green technologies. The EU is complementing the loan with grants and free technical assistance under its EU4Business initiative. It will allow companies to upgrade their products and services in line with EU standards, modernise their production to boost competitiveness and operate successfully on foreign markets.

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Stepping up support for women entrepreneurs in Egypt

The EBRD is boosting its support for women entrepreneurs in Egypt with a loan of EGP 80 million (€4.3 million equivalent) to Reefy Microfinance Enterprise Services, the country’s first licensed microfinance institution. This funding comes from the EBRD’s Women in Business programme aimed to support privately owned micro, small and medium-sized enterprises led by women, especially in governorates other than Greater Cairo and Alexandria.

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Helping modernise Ukraine’s Black Sea port of Chornomorsk

The EBRD and IFC are supporting the Ministry of Infrastructure of Ukraine and the Ukrainian Sea Ports Authority in structuring and tendering a public-private-partnership project to modernise the country’s Chornomorsk Port on the north-western shore of the Black Sea. The scope of work includes the preparation of a comprehensive contractual framework, the setting of bidding criteria and tender rules and contact with potential investors, paving the way for a successful tender.

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Donors

Promoting eco-tourism in Albania

The EBRD is supporting sustainable tourism in Albania’s Velipoja-Shëngjin area. A US$ 50 million investment will upgrade a number of regional and local roads, including the road between Velipoja and Shëngjin, and provide easier access. At the same time, the Bank is raising awareness of the benefits of ecotourism and encouraging the local community to protect the environment. This component of the project is supported by Italy through the Central European Initiative (CEI) Fund.

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EBRD and FAO boost the digitalisation of agribusiness in Montenegro

A young entrepreneur is pushing the frontiers of innovation in Montenegro, showing his determination to protect small villages which were neglected in favour of faster city development. For his endeavor Marko Maras has won the support of the Food Agriculture Organisation of the United Nations (FAO), the EBRD and its donors – Italy through the Central European Initiative (CEI) and the Western Balkans Enterprise Development & Innovation Facility (WB EDIF).

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EBRD, EU and Sweden help Georgian firms unlock the power of digital sales

The EBRD with funding from Sweden has stepped in to help the Georgian online platform B2C.GE scale up and provide services to meet local needs. Now, the EBRD and the European Union (EU) are making B2C.GE’s services accessible to smaller companies.

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EBRD in the news

Dimitra Papandreou, EBRD ASB Principal Manager, talked to Athens Macedonia News Agency about the Bank’s support for SMEs in Greece. She highlighted the results of the “Advice for Small Businesses” programme and focused on the small businesses the EBRD has so far helped in Northern Greece, two years after the opening of the Bank’s office in Thessaloniki (the second in the country).

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EBRD on social media

We launched our Green City Action Plan in Walbrzych, Poland. We are helping a former coal-mining city of Walbrzych become greener and more sustainable!

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We've published our second annual report based on the voluntary reporting framework of the Task Force on Climate-Related Financial Disclosures (TCFD). We reaffirm commitments to Paris alignment by 2023.

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Meet our wonderful judges! They will decide who will be the winner of the EBRD Literature Prize 2022.

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EBRD President addressed the importance of sustainable global food supplies at the Finance In Common 2021 Summit.

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Our Jürgen Rigterink took part in FT's The Banking Revolution this week.

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