EBRD newsletter - Friday 17 December

By EBRD  Press Office
@ebrd

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A digest of recent news from the EBRD.

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EBRD approves €190 million tranche to Ukraine’s road agency

Encouraged by steps taken by Ukraine’s state road agency Ukravtodor, the Board of Directors of the EBRD has approved a new €190 million loan tranche for further improvements to the country’s road infrastructure.

Part of a €450 million package, the tranche will finance the upgrade of sections of the M-05 Kyiv-Odesa road in the Kirovohrad, Mykolaiv and Odesa regions.

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EBRD President Odile Renaud-Basso visits Brussels for the EaP summit

The Eastern Partnership countries occupy a special place in the EBRD regions and our history. Together with the EU, we're doing all we can to deliver recovery, resilience and reform in them.

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EBRD approves financial sector strategy

The EBRD’s new Financial Sector Strategy for 2021-2025, which was approved by the Board of Directors, aims to support the financial sectors across EBRD regions, many of which are experiencing significant headwinds exacerbated by the Covid-19 crisis. It envisages scaling up green financing, boosting inclusive and gender smart economic development, and strengthening the sectors’ readiness to respond to challenges by “future-proofing” them.

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EBRD adopts new country strategy for Georgia

The EBRD has adopted a new country strategy for Georgia for 2022-27, with three key priorities:

  • Enhancing the competitiveness of Georgian companies
  • Promoting inclusion and regional development
  • Supporting Georgia’s green economy transition

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Project signings and agreements

Helping Gaziantep go solar

As part of the EBRD Green Cities.programme, the EBRD is providing a 10-year €10 million loan to finance five grid-connected solar photovoltaic (PV) plants with a total installed capacity of 27 MW in Gaziantep, Turkey. The loan will be accompanied by a €7 million grant from the Bank’s Shareholder Special Fund in a move to support the municipality whose population has seen rapid growth, in part due to an inflow of refugees from Syria. 

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Supporting GEK TERNA’s sustainability-linked bond

The EBRD is supporting the development and sustainability of the debt capital market in Greece, by investing €25 million in GEK TERNA’s seven-year sustainability-linked bond issue.

With a total issuance volume of €300 million, this is the first sustainability-linked bond to be listed on the Athens Stock Exchange to date. 

The issue will help GEK TERNA to finance its business activities in infrastructure, energy, industrial and real estate sectors, refinance existing and future debts and finance working capital needs.

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Lending PLN 175 million to boost Poland’s wind power

The EBRD will lend PLN 175 million (€38.9 million equivalent) for the development, construction and operation of two wind farms in Poland with a total capacity of 63.1 MW.

The projects’ commercial parallel lender is DNB ASA, with Denmark’s ECA EKF providing guarantee for a portion of the term loan.

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New funds for Saint Nikola wind farm

To boost Bulgaria’s renewable energy sector, the EBRD has committed new funds to the 156 MW Saint Nikola wind farm located in the Kavarna region.

In 2008, the Bank supported the construction of Saint Nikola, Bulgaria’s largest wind farm, with a €119 million loan. The project was completed in 2010. The new €32 million package will refinance the remaining exposure on that loan and extend a new commitment of €16 million.

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Investing €5 million in Lithuanian Green Bond to accelerate regional renewables

The EBRD is investing €5 million in a €25 million Green Bond issued by UAB Atsinaujinančios Energetikos Investicijos (AEI).

This is the first issuance under a €100 million AEI Green Bond Framework, to be listed on the Nasdaq Vilnius Stock Exchange. The EBRD’s participation will be 20 per cent of the first issuance of €25 million. The proceeds will finance renewable projects in Poland and Lithuania.

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Extending new credit lines to Azerbaijan’s Bank Respublika

MSMEs in Azerbaijan will benefit from greater access to finance as the EBRD is providing financing, in Azerbaijani manat, equivalent to up to US$ 13.5 million, to Bank Respublika, a key local lender.

The first credit line, in the local currency equivalent of up to US$ 9.5 million, will be provided under the Azerbaijan Agricultural Finance Facility (AZAFF) and on-lent to agricultural businesses.

The other credit line, worth up to US$ 4 million, in local currency equivalent, will be on-lent to MSMEs across the country.

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EBRD, EIB and EU invest €75 million for a more energy-efficient Moldova

The EBRD, the EIB, the bank of the European Union and the EU will jointly provide €75 million to improve energy efficiency and reduce the energy consumption of public buildings in Moldova. This is the first national energy efficiency project implemented in the country.

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EU-Armenia SME Fund to receive further funds

The EU-Armenia SME Fund, a private equity fund managed by Amber Capital Armenia and supported by the EU and the EBRD, is to receive additional funding from a number of partners, increasing its size to US$ 50 million.

The fund aims to become the leading equity investor in Armenia. It will seek to boost the competitiveness of SMEs across the country, both through its investments and also by enhancing their corporate governance and transparency and helping them to internationalise while having a positive, sustainable impact on the domestic economy.

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Shinhan Bank Kazakhstan joins EBRD green financing facility

The EBRD is promoting green financing in Kazakhstan by offering new funds to MSMEs that are planning to invest in energy-saving solutions. Shinhan Bank Kazakhstan (SBK) becomes the latest financial institution in the country to join the EBRD’s GEFF (Green Economy Financing Facility) programme.

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New EBRD and EU support for Moldovan businesses via Victoriabank

The EBRD and the EU are stepping up support for Moldovan MSMEs with a €5 million loan disbursed through Victoriabank. The support is part of a joint programme - the EU4Business-EBRD credit line.

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Donors

Growing an agribusiness in Ukraine with locals in mind

With support from the EBRD and the EU, Ukrainian agribusiness Liubaretske has created a safe and healthy working environment for its 160 employees, increasing access to modern machinery and relevant skills.

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EBRD Vice President for Policy and Partnerships, Mark Bowman, visited Brussels and met European Commission Vice President, Dubravka Suica, and the Commissioner for Neighbourhood and Enlargement, Oliver Varhelyi.

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EBRD in the media

EBRD’s Andreea Moraru: Why we invested in Hellas Direct

EBRD Head of Greece and Cyprus, Andreea Moraru, spoke to the Greek newspaper “Imerisia” about the EBRD’s recent projects and plans. The discussion focused on digitalisation and the Bank’s support for the Greek insurance company, Hellas Direct.

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An overview of the EBRD Green Cities programme in Ukraine

Ukraine Deputy Head Mark Magaletsky and GCAP Operation leader Mariné Baghdasaryan discussed how local communities can benefit from the EBRD Green Cities programme.

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The EBRD on social media

We're getting in the festive mood by skiing in this great green resort in Serbia

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What does winter look like where you are? This is what we asked our colleagues from across the EBRD regions and beyond.

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