EBRD newsletter - Friday 09 October

By EBRD  Press Office
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Odile Renaud-Basso, President-elect of the EBRD

A digest of recent news from the EBRD

EBRD shareholders elect France’s Odile Renaud-Basso as next president

The Board of Governors of the EBRD has elected Odile Renaud-Basso of France as the Bank’s next President during the Bank’s 2020 Annual Meeting.

Currently Director-General at the French Treasury, Ms Renaud-Basso replaces Sir Suma Chakrabarti, who stepped down in July after serving two full four-year terms.

She will assume office later this year.

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Leading news organisations from all over the world such as Reuters, the Financial Times, Agence France Press, Le Figaro or the development news website Devex introduced the new EBRD president to the world.

President elect Renaud-Basso gave her first press conference together with EBRD Acting President Jürgen Rigterink at the end of the EBRD 2020 Annual Meeting and set out her plans: “The roadmap for the next five years is very clear and my priority will be simply to implement it, working closely with all shareholders, management, staff and stakeholders.

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EBRD sets path to resilient, “majority green” future

As well as electing a new President, the EBRD Governors also approved a new five-year strategy for the Bank at the 2020 Annual Meeting. Under this plan the EBRD will embark on a path to a sustainable, “majority green” future as it prepares to guide its regions to a robust recovery from the coronavirus pandemic. The EBRD aims to see over 50 per cent of its annual investments dedicated to green finance by 2025.

As part of the strategy the Bank adopted its new Green Economy Transition approach for 2021-25, which will be the EBRD’s new blueprint for supporting its countries of operation to pursue a green, inclusive and resilient recovery from the impact of the pandemic.

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The Prince of Wales urges business leaders to move faster on climate change

The opening session of the Board of Governors featured a special pre-recorded address by The Prince of Wales and speeches by the UK's Chancellor of the Exchequer, Rishi Sunak, Third Vice President and Minister of Economy and Digitalization, EBRD Governor for Spain, Nadia Calviño and the EBRD’s Acting President, Jürgen Rigterink.

Watch here

In his speech, The Prince of Wales praised the EBRD’s plan to invest even more of its total business volume in the green economy but also urged the Bank, its shareholders and business leaders “to be even more ambitious, and even more radical”.

Read the speech, watch the video and find more on social media

Acting President: “The EBRD always rises to the challenges of the hour”

Acting President Jürgen Rigterink underlined the Bank’s commitment to its countries of operation and its readiness to deliver in his opening address: “The EBRD is the bank which always rises to and meets the challenges of the hour”. While combatting the economic impact of the coronavirus “has to be our priority”, the EBRD also needs “to preserve the progress made so far in our countries' transitions”, he warned.

Read the speech, watch the video and find more on social media

Chair of the Board of Governors addresses EBRD’s role in getting world back on track

"The EBRD and the other international financial institutions must play a meaningful role in getting our countries, our world, back on track,” Nadia Calviño, Chair of the Board of Governors, told the EBRD 2020 Annual Meeting.

Read the speech, watch the video and find more on social media

UK Chancellor of the Exchequer underlines commitment to the EBRD

The 2020 Annual Meeting had been scheduled to take place in London, before the coronavirus pandemic made it the Bank’s first virtual such event. Representing the UK government as a virtual host, the Chancellor of the Exchequer, Rishi Sunak, used his opening speech to stress: “The UK’s commitment to the Bank remains as strong as ever as it pursues its mission to secure economic and political freedoms around the world,”

Read the speech, watch the video and find more on social media

EBRD video: Standing by our countries

'We are with you,' is the main message of a new EBRD video highlighting the Bank’s work with countries and partners responding to and recovering from the coronavirus pandemic.

The video was created for the 2020 Annual Meeting and features music specially written for it by the composer Sam Dinley from the Guildhall School of Music and Drama.

Watch here

EBRD shareholders approve membership of Iraq

Iraq has taken the first step to become a member of EBRD. The 71 existing shareholders of the multilateral financial institution approved a request by the country during the Bank’s Annual Meeting this week. This was widely reported by the media in the region and beyond.

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Joining forces to fight corruption in Ukraine

The EBRD and the government of Ukraine signed a Memorandum of Understanding promoting good governance, transparency and competitive procurement at the state road agency Ukravtodor, The agreement will serve as a pilot project in the fight against corruption, Ukrainian and international press reported and many observers voiced support on social media.

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EBRD to boost Albania’s EU accession drive

The EBRD also signed a Memorandum of Understanding (MoU) with Albania on the sidelines of its 2020 Annual Meeting to support the country’s progress towards European Union (EU) accession. The MoU was immediately complemented with a €100 million facility of blended financing provided by the EBRD and the EU. The news was reported locally and internationally.

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EBRD’s Annual Donor Meeting 2020

As a prelude to the EBRD’s Annual Meeting, around 200 donor representatives gathered virtually to take stock of the last year’s work and to reflect on the challenges ahead.

In recent years, the EBRD has seen a constant increase in the inflow of donor funds, with a record high of over €750 million in donor support in 2019. This has enabled the Bank to make a real difference to people on the ground.

From advancing green investments to supporting small businesses and creating jobs, from promoting inclusion, and competitiveness, to backing policy reform and the modernisation of infrastructure, there is virtually no area of engagement where the Bank is active which is not supported and enabled by donor funds.

On the occasion of the donor meeting an agreement was also signed for the improvement of solid waste management across the Khmelnytskyi region, benefiting around 300,000 citizens in Western Ukraine. As part of the investment, which is supported by the EU and Sweden as donors, Khmelnytskyi is also joining EBRD Green Cities.

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Global Infrastructure Forum discussed MDBs’ role in post-Covid recovery

In addition to its own Annual Meeting, the EBRD also hosted the Global Infrastructure Forum 2020 to promote sustainable infrastructure post-Covid-19. The Bank’s Managing Director for Sustainable Infrastructure, Nandita Parshad and the EBRD Chief Economist Beata Javorcik opened the forum, highlighting how infrastructure investments can be a powerful engine for post coronavirus growth for emerging economies.

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Spotlight on Greece

Supporting largest renewable energy project in the country to date

Supporting the largest renewable energy project in Greece and the largest solar energy project in south-eastern Europe to date, the EBRD invested €75 million in the successful Eurobond tap issuance by Hellenic Petroleum (HELPE), a leading Greek energy group.

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Investing in securitisation by Avis Greece

The EBRD, the European Investment Fund (EIF) and a private investor are investing in a €186.4 million securitisation transaction of automotive leases, originated by Olympic Commercial and Tourist Enterprises S.A. (Avis), the leading car leasing company in Greece and master franchisee of the global car rental company Avis Budget Group.

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Investing in debut issue of green bonds

The EBRD is investing €50 million in the first senior preferred (SP) green bond issuance by the National Bank of Greece (NBG), combining support for capital market development and for the green economy. The total volume of the issuance was €500 million.

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EBRD on social media

To mark “Dyslexia week” the EBRD’s video producer Abigail Riem explains how versatile dyslexia is and what we can do to help embrace this diverse and beautiful gift.

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The EBRD’s Multimedia Production Manager, Jonathan Wells, has put together a short guide on how to get the best out of smart phone recording.

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