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.
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,”
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.
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.
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.
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.
Boosting support for small businesses in the Western Balkans
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.
Supporting Ukraine’s agribusiness group Nibulon
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.
Staying in business during the crisis
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.
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.
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|
|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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