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EBRD newsletter - Friday 24 July

By EBRD  Press Office

A digest of recent news from the EBRD

EBRD responds to coronavirus with record high H1/2020 investments

The EBRD unveiled its operational results for the first half of 2020, announcing a record high of just over €5 billion in new commitments as the Bank responded rapidly to the needs of emerging economies grappling with the impact of the coronavirus pandemic.

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In an interview with Reuters, Acting President Jurgen Rigterink said; “We live in a new world now and for us the focus is on the challenges of our existing clients and in our existing countries,”

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The results were widely covered by media across the EBRD regions. In Turkey alone, more than 40 websites and around 10 national newspapers published the mid-year results. They were also widely shared on social media, with Acting President Rigterink setting the ball rolling on Twitter.

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Helping small businesses in Morocco

Further stepping up its activities in Morocco the EBRD is providing a US$ 100 million loan to Banque Centrale Populaire to help local private businesses address urgent liquidity needs. Already before that, Morocco had seen a strong increase in EBRD investment in the first six months which more than doubled y-o-y.

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Supporting Egypt’s largest local currency bond issuance

In Egypt, the EBRD provided an investment of EGP 1.5 billion (€86.5 million) to the New Urban Communities Authority (NUCA) to help develop modern urban infrastructure. NUCA is building new cities in a country faced with a high population density due to a high birth rate and the limited availability of inhabitable land.

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Bulgaria seals Sofia Airport deal

Bulgaria signed a deal with a consortium led by asset manager Meridiam to run and operate Sofia Airport, the Balkan country’s main air transport hub, for 35 years, The EBRD supported the ministry of transport in the procurement process.

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Boosting support for small businesses in the Western Balkans

In Serbia, the EBRD provided a new €8 million loan to Banca Intesa Beograd for on-lending to women-led small businesses. Empowering and supporting women is a joint goal of both institutions.

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In Kosovo, the EBRD provided a €2 million loan to the microfinance institution Agency for Finance (AFK) to strengthen the competitiveness of micro, small and medium-sized enterprises. The financing was part of a €4.5 million package put together with the European Fund for Southeast Europe and CoopEst.

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Supporting Ukraine’s agribusiness group Nibulon

A US$27 million loan to Ukraine’s leading agribusiness concerns, Nibulon Group addresses working capital needs to uphold sustainable trading volumes during the coronavirus crisis.

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A milestone in nuclear safety in northwest Russia

The successful completion of the final shipment of spent nuclear fuel assemblies from the former Soviet service ship Lepse this week marked a milestone in nuclear safety in northwest Russia. The decommissioning was financed by the EBRD-managed Northern Dimension Environmental Partnership fund.

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Image gallery

Staying in business during the crisis

In Egypt, the local environmental services provider Tagaddod adapted its production to help make hand sanitisers. In a video the EBRD client tells its story:

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Global value chains: strained but lasting

A new report by EBRD economists about the impact of the coronavirus pandemic on global value chains finds that despite major disruptions, they are here to stay. These links have proven to be highly important, even in times of crisis, the study finds.

Read the full report

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Visible engagement

The EBRD and the European Union hosted a webinar on aquaculture in Egypt to explore opportunities for improved efficiency and increased competitiveness.

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A new EBRD video with advice from the International Labour Organization demonstrates ways to ensure health and safety of construction workers and proofing businesses against future coronavirus outbreaks on construction sites. The film was shared on social media platforms.

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New projects

The EBRD approved or signed the following new projects this week:

In Moldova, a €5 million loan to Mobiasbanca for lending to micro and small businesses.

In Romania, a €5 million loan to Donalam for working capital.

In Morocco, a US$100 million loan to Banque Centrale Populaire for on lending.

In Morocco and Tunisia, a €21 million loan to Landor for expansion.

In Armenia, a €5 million loan to ACBA bank for lending to micro and small businesses.

Newly approved projects week 20-24 July 
Date Country Client Project description Sector Status
20-Jul Moldova Mobiasbanca €5 million loan for MSME lending Financial institutions Approved
21-Jul Romania Donalam €5.0 million working capital loan Manufacturing and Services Approved
22-Jul Morocco Banque Centrale Populaire US$100 million loan for on-lending Financial institutions Signed
22-Jul Regional Landor Regional €21 million loan for expansion  Agribusiness Approved
23-Jul Armenia ACBA bank €5 million loan for MSME lending Financial institutions Signed

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