EBRD newsletter – Friday 22 May

By EBRD  Press Office
@ebrd

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A digest of recent news from the EBRD

EBRD ups drive to source local currency financing and strengthen economies against coronavirus

A new currency swap agreement with the central bank of Azerbaijan was the latest example this week how the EBRD is responding to an urgent need for enterprises across its regions to access local currency financing, as the cost and risk of foreign exchange borrowing has risen against a backdrop of increasing exchange rate volatility. Previous agreements were signed with Georgia and Ukraine.  

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Project signings:

Support for expansion of Ukraine’s Fozzy Group

The Bank is providing a long-term loan of up to US$ 60 million to the Ukrainian retailer Fozzy Group, which will launch the first “green” supermarket in the country.. The development will be fully compliant with Building Research Establishment Environmental Assessment Method (BREEAM) principles for the construction of environmentally sustainable buildings.

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New loan to Turkey’s Garanti BBVA

The EBRD is continuing its support for Turkey’s banking sector with a €55 million loan to Garanti BBVA. Funds will be channelled predominantly to Turkish small and medium-sized enterprises hit by the Covid-19 outbreak.

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Helping Turkish pulses producer Yayla meet rising demand

As demand for pulses spikes around the world in response to the coronavirus outbreak, the EBRD is helping the Turkish producer Yayla to increase its production with a €25 million working capital loan to finance the company’s day-to-day operations.

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New investment in wind and solar energy in Poland

The EBRD is advancing the green energy transition in Poland by supporting Qair’s portfolio of almost 200 MW of renewable energy with five loans totalling PLN 280 million (approximately €63 million equivalent).

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Renewables Now was among the news providers reporting on the signing.

Improving water services in Bulgaria…

People of the Smolyan region in southern Bulgaria will benefit from access to improved water and wastewater services thanks to a EBRD’s €5.8 million loan to the local Water Supply and Sanitation Company.

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… and also in the Kyrgyz republic

The EBRD, with support from the EIB, the European Union and the ETC Fund, is helping residents of the Cholpon-Ata region in the Kyrgyz Republic to better access to safe drinking water thanks to water network upgrades and new repair vehicles.

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EBRD Economics Talks: “The future of capitalism post-coronavirus”

In a new webinar EBRD Chief Economist Beata Javorcik discussed “the future of capitalism after the coronavirus” with the Oxford professors of economics Paul Collier and Colin Mayer, who pointed out the volatility, but also adaptability of capitalism.

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An interview with the Chief Economist on the future of globalisation and free trade was published by Poland’s Gazeta Wyborcza.

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How better reporting can help SMEs raise more funds

The EBRD launched a research programme in support of the development SMEs in a webinar through better reporting. Funded by the TaiwanBusiness-EBRD Technical Cooperation Fund, the programme is providing research coverage for a set of companies listed on the stock exchanges in Bulgaria, Croatia, North Macedonia, Romania, Serbia and Slovenia. The reports are publicly available free of charge on the newly created Listed SME Research Hub.

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Debt capital markets must become more effective and efficient, report finds

A new report, commissioned by the EBRD, is calling for substantial reforms of debt capital markets in central and south-eastern Europe in order to improve their cost-effectiveness and the efficiency of bond issuances.

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Cities in the time of coronavirus: the moment to get smart?

EBRD experts Matthew Jordan-Tank, Lin O’Grady and Ian Jennings shared know-how with colleagues from TaipeiChina in a webinar on “Green, smart and e-mobile cities – innovative solutions to serve needs”. The discussion focus on how cities can use smart technology to become more efficient and sustainable.

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Stories of resilience and solidarity

In Serbia, the healthcare platform Heliant is offering its instant messaging platform to emergency medical units fighting the coronavirus pandemic.

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In Lebanon, the gift company Blessing launched the ‘Get a Blessing, Give a Blessing’ initiative, where with every gift basket a customer buys, the company donates a food box to a family in need.

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In Moldova, the EBRD and the EU supported Terrarica to contribute to the food security of Moldova.

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Social media

The EBRD marked the celebrations of the World Bee and World Tea Days this week.

With EBRD/FAO support, Turkey is moving to register its pine honey as a geographical indication to preserve this local knowledge and inspire future generations to carry on this tradition.

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John Snell from NM Tea B is working with FAO and the EBRD to ensure that tea produced in Georgia and Azerbaijan is of the highest quality.

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…and finally, in times of social distancing:

Watch the step-by-step guide by Dr Ali Ihsan Ozturk, a professor of beekeeping in Turkey, how to make harmonious honey:

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