A digest of recent news from the EBRD
- Strong demand for the EBRD’s €1 billion Solidarity Package. The EBRD launched its initial €1 billion Solidarity Package on 13 March, the first MDB to offer large-scale support to companies affected by the coronavirus pandemic in the countries where it works. The package is in strong demand. The Bank has made clear it will do more and €1 billion is just a first step.
- Record level of support for trade activity as coronavirus hit EBRD regions. Our Trade Facilitation Programme supported a record 144 transactions worth €385.6 million in March, as demand rose in response to the impact of the Covid-19 pandemic.
- The EBRD has developed a resilience monitor to assess the ability of our economies to withstand the shock of the Covid-19 pandemic. Health system stability, fiscal space and financial capacity are key factors in managing the crisis
- EBRD President Suma Chakrabarti has been liaising with other heads of leading multilateral development banks (MDBs) to coordinate a response to the impact of the coronavirus pandemic. The MDB chiefs discussed their readiness to co-finance projects to maximise impact of their response, and to ensure swift delivery of emergency financing.
- EBRD partners have been rallying to the coronavirus fightback by converting their production to medical ends.
In Turkey, Mara is using the cologne it produces to manufacture sanitizer.
In Georgia, Tegeta Motors is providing free transport to help doctors get to and from key hospitals.
MedLabsGroup in Jordan has been accredited as a coronavirus testing centre
EBRD partner Georgian Dairy is making weekly deliveries of free dairy products to Georgia’s infectious diseases centre, where Covid-19 patients are treated.
Romanian client Autonom is supporting local NGOs in the fight against Covid-19, offering cars from its vehicle fleet free of charge.
- The EBRD has helped companies overcome market turbulence caused by the coronavirus pandemic to pursue their usual projects uninterrupted. One is the leading Turkish confectionery producer Ülker Bisküvi which with EBRD support raised US$ 455 million of international funding.
- The EBRD is tailoring support for countries to the particular challenges each one faces. With Azerbaijan, EBRD leaders have discussed the double challenge of the coronavirus outbreak and the global oil market shock in a telephone call between Minister of Economy, Mikayil Jabbarov, and the EBRD’s Matteo Patrone, Catarina Bjorlin Hansen, and Ivana Duarte.
- The EBRD is also pressing on with other financing:
The EBRD and EU are supporting Kyrgyz resort city Cholpon-Ata’s water supply, making local water services more resilient
We lent €15 million to Kaamos Timber (KT) to build a new sawmill in southern Belarus, helping make the Belarusian wood processing industry more competitive
We shared risk with Belarus’s Priorbank on a €7 million loan to Belarusian plastic packaging manufacturer Lean Group, to support the firm’s capital expenditure and working capital
We committed €25 million to Poland’s Avallon MBO Fund III for central and eastern European equities to support the development of alternative funding sources
Western Ukrainian businesses received new funds from the EBRD and EU for disbursement in Ukrainian hryvna, protecting Bank Lviv’s borrowers from foreign currency-related risks.