Built for impact: Why the EBRD’s model matters more than ever

I have completed just 10 months of my term as First Vice President, but it is already clear to me the Bank’s founding articles, which encompass our mission and our private-sector focus, position us, almost uniquely, to address today’s challenges in our countries of operation.

Over the past 35 years we have honed our focus on the transition of economic systems towards market orientation by pairing our investment work tightly with our policy interventions.

We reinforced this mission at this year’s Annual Meeting by reemphasising our commitment to economic governance, which is critical to creating the conditions for private sector-led development.

I have been impressed by the Bank’s ability to combine this macro policy agenda with specific human capital development initiatives, such as enabling small and medium-sized enterprise (SME) growth, increasing participation in the economy of underrepresented sectors of the population and offering advice on advanced topics such as digitalisation. We are helping to drive productivity and overall economic development, critical in a world of increasing government expenditure.

Improving the environment is also a key tenet of our founding mission, and we are a well-recognised leader across the spectrum of our investment and policy activities in helping our countries of operation to develop the energy system of the future – one that is cleaner, but also more secure and resilient. I have been struck by how our clients have embraced our energy system vision and the higher standards they must accept – on ESD, governance and cybersecurity – when working with the EBRD. We are truly creating the conditions for our investee economies to have more agency in a difficult and complicated world.

Of course, we can only deliver sustainable investment impact if we do so in a safe and sound way, mindful of both financial and non-financial risk. With more than 40 years of private-sector banking experience, I am very impressed by how embedded good risk management is across the Bank’s Banking and Risk Departments, as well as the Office of the Chief Compliance Officer, and by the strong collaboration between the teams. Our financial results are testament to this long-term focus.

Lastly, as I travel to our countries of operation, meet our clients and get to know the teams, I am inspired by how important and highly valued our work is. Our engagement in Ukraine and our support for the Ukrainian people is the clearest example. We are helping to keep people warm, secure and employed in the very difficult conditions created by Russia’s full-scale invasion.

The importance of our work is not unique to Ukraine, however. It is making a difference from the Western Balkans to Central Asia as we support countries with internal and external challenges, including across the southern and eastern Mediterranean (SEMED) region, which has been most affected by the longstanding (and most recent) conflicts in the Middle East.

Unfortunately, the world is likely to need even more of the interventions we deliver. Fortunately, we are prepared to meet the challenge, possessing the intellectual, human and financial capital to deliver meaningful impact. To this end, we will focus on what we do best, prioritise the areas of greatest need and pursue our founding mandate. This is both our responsibility and our opportunity.