EBRD President Odile Renaud-Basso (right) met President of the European Commission Ursula von der Leyen in Brussels
New EBRD President on first visit to Brussels
Shortly after taking office, the new EBRD President Odile Renaud-Basso has made her first official visit, to the European institutions in Brussels. She met the President of the European Commission, Ursula von der Leyen, commissioners, deputies and ambassadors.
Credit agencies affirm Triple-A rating for EBRD
The rating agency Moody’s continues to affirm the EBRD’s AAA-rating with stable outlook in its latest assessment, published this week. The EBRD’s strengths include moderate leverage, strong liquidity buffers and generally prudent risk management, Moody's Investors Service said in their new annual report.
Meanwhile, the rating agency Fitch also affirmed the EBRD’s AAA-rating, but revised their credit outlook to negative from stable. The revision reflects downside risks resulting from the coronavirus pandemic, the agency said.
Finally, the rating agency, Standard and Poor’s published their most recent report in August 2020, reaffirming the EBRD’s AAA-rating with stable outlook.
EBRD and ENR launch first gender awareness campaign in Egypt
El Sekka Amman (“The (Rail) Way is Safe”) is the slogan for a campaign to combat sexual harassment on public transport in Egypt. The initiative was launched by Egyptian National Railways (ENR), the EBRD and Egypt’s National Council for Women (NCW) this week with the goal of making the Egyptian rail network safer for female passengers. EBRD Managing Director Heike Harmgart said: “This is a milestone for Egypt. Our joint effort is vital for women’s full integration and contribution to the economy.” The campaign is funded by Japan.
The launch event was covered by the local media including Daily News Egypt, Al Mal newspaper and Times of Egypt.
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EBRD economist Jakov Milatović to become Montenegro’s Minister for Economic Development
EBRD economist Jakov Milatović is to become Montenegro’s new Minister for Economic Development when the parliament approves the new government on Friday. Milatović concluded his studies in Oxford in 2013 with an MPhil before joining the EBRD. His Ministry for Economic Development will combine the current Ministry of Economy with parts of the Ministries of Finance, Science, Sustainable Development and Tourism and Labour and Social Welfare.
EBRD presents Green TFP awards
The EBRD has recognised the most successful banks under its Green Trade Facilitation Programme by presenting them with awards for their performance in 2019. Partner banks under the Trade Facilitation Programme (TFP) can use existing trade finance facilities for the financing of exports, imports and local distribution of imported green technologies and materials, in line with the EBRD’s Green Economy Transition (GET) approach.
The 2019 winners were:
Most Active Issuing Bank: Piraeus Bank
Most Active Confirming Bank: Commerzbank
Prizes for Deal of the Year: BLOM Bank, Ukreximbank, Converse Bank, Commerzbank, Commercial International Bank, QNB Alahli, Banque de Tunisie, UBCI and BCR
Work starts on Warsaw’s Green City and Climate Action Plan
Warsaw, the capital of Poland, launched the development of its Green City and Climate Action Plan this week. The city will develop the plan as part of the EBRD Green Cities programme, which in June welcomed Warsaw as the first Polish city to join the network.
Project signings
Financing for Romania’s largest water and wastewater company
In Romania, the EBRD is supporting the water utility sector with a standby liquidity facility of up to €5 million to RAJA, the largest regional water and wastewater company in the country, to help it cope with the impact of the coronavirus pandemic on its business.
Joining forces with Greece’s ABC Factors
Businesses in Greece will benefit from a €20 million EBRD factoring facility provided to ABC Factors. The financing will enable the factoring subsidiary of Alpha Bank to further expand its portfolio of SMEs and local corporate clients by providing funding for domestic and international factoring transactions.
EBRD and Greece establish new PPP facility
The EBRD joined forces with the Ministry of Development and Investments of Greece to establish a new public-private partnership (PPP) preparation facility. The project pipeline will mostly be in the social infrastructure sector (education and health), sustainable urban infrastructure, and water and waste management. The agreement was signed by EBRD Regional Director Andreea Moraru and Alternate Minister of Development and Investments Nikos Papathanasis.
Davr Bank joins EBRD’s Women in Business programme
In Uzbekistan, women entrepreneurs will benefit from Davr Bank becoming one of the first banks in the country and in Central Asia to join the EBRD Women in Business (WiB) programme. It promotes women’s entrepreneurship and participation in business by assisting with access to finance, know-how and technical advice. WiB is supported by donor funding from the Women Entrepreneurs Finance Initiative (We-Fi) and the EBRD’s Small Business Impact Fund(Italy, Japan, Korea, Luxembourg, Norway, Sweden, Switzerland, Taipei China and the USA).
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Supporting Ukrainian pet food producer Kormotech
The EBRD is providing Kormotech, one of Ukraine’s leading pet food producers, with a loan of up to €3.3 million to meet working capital needs and ensure continued operations despite the Covid-19 pandemic.
Supporting small businesses in BiH
In Bosnia and Herzegovina, the EBRD and the EU are providing additional support to small businesses confronted with the impact of the coronavirus pandemic. A €5 million loan to Sparkasse Bank will be on-lent to businesses to increase their competitiveness and meet EU standards.
EBRD reduces its stake in Georgia’s TBC Bank to 5pc
In Georgia, the EBRD has reduced its equity stake in TBC Bank by selling 1.65 million shares that represent 3 per cent of the Bank’s total shares in an accelerated bookbuild placed on the London Stock Exchange.
Donor stories
Kyrgyz pharmacy chain unlocks a greener path to success
The EBRD and the European Union are boosting Darmek Pharm’s growth through an energy efficiency facility.
Kindergarten goes online in Kazakhstan amid coronavirus pandemic
When the coronavirus pandemic redefined the notion of home-schooling, Daryndy Bala was ready to face the challenge. The EBRD supported this initiative with the Government of Kazakhstan.
EBRD in the news
New Europe published an article about Ukraine’s Naftogaz joining the Oil and Gas Methane Partnership 2.0. The article quoted EBRD Managing Director Jean-Marc Peterschmitt saying: “We are happy to continue providing support to Naftogaz in the vital task of decarbonising Ukraine’s gas supply chain”.
EBRD Lead Regional Economist Roger Kelly spoke to the state newswire service Anadolu Agency about how Turkey’s policy changes along with more a stable lira are likely to attract more investors.
EBRD First Vice President Jürgen Rigterink fronted a roundtable event by Bloomberg on “The role of finance in paving the way for a sustainable recovery in emerging and frontier markets”.
EBRD Chief Economist Beata Javorcik presented the 2020-21 Transition Report at the Bruegel think tank this week, followed by a discussion with Katarina Matherova, Deputy Director General DG Neighbourhood and Enlargement.
EBRD Head of Video Jonathan Wells and Executive Producer Christ West were honoured at the prestigious Cannes Corporate Media & TV Awards with the Silver Dolphin for the Bank’s 2019 Annual Movie: Opening Doors Across Three Continents.
EBRD marked the 2020 International Day of People with Disabilities by turning the Bank’s #PurpleLightUp.
EBRD social media stories and Twitter fleets highlighted the new skills report jointly produced by the EBRD gender team and UFM on access to work and employment in the SEMED region.
The EBRD also made its Covid-19 environmental and social assessment training materials for consultants available on LinkedIn.
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