EBRD newsletter - Friday 21 May

By EBRD  Press Office
@ebrd

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EBRD President attends Africa Summit in Paris

EBRD President Odile Renaud-Basso attended a summit in Paris where African, European and financial leaders agreed on a plan to help Africa overcome the economic effects of the coronavirus pandemic. "We have taken the first step in what we have agreed to call a New Deal with Africa," the summit host French President Emmanuel Macron said. EBRD President Renaud-Basso met IMF Head Kristalina Georgieva, AfDB  President Akinwumi Adesina. IFC Managing Director and Executive Vice President, Makhtar Diop and the World Bank Managing Director of Operations, Axel van Trotsenburg. The President also spoke on a panel about private sector development.

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Stronger cooperation with AfDB and AFD -Proparco

Strengthening cooperation with the African Development Bank (AfDB) and the Groupe Agence Française de Développement, through its private-sector financing arm Proparco, EBRD President Odile Renaud-Basso signed two Memoranda of Understanding on the margin of the Africa Summit.

The partnership with AfDB will help unlock sustainable investment opportunities in countries of North Africa. EBRD and AfDB will focus on climate change, green and resilient infrastructure and the development of capital markets

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The EBRD and AFD-Proparco partnership aims to address key development challenges in the wake of the coronavirus pandemic strengthening cooperation in strategic priority areas such as private-sector development, the green economy and inclusive development to boost the impact of their investments.

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EBRD takes over operator of Giurgiulesti International Free Port

The EBRD acquired 100 per cent of the capital of the Danube Logistics Group of companies on 7 May 2021. The EBRD thereby became the sole ultimate owner of Danube Logistics SRL, the operator of Giurgiulesti International Free Port. The change in ownership was registered by the relevant court in Moldova on 18 May 2021.

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EBRD Financial Report 2020

The EBRD published its Financial Report 2020 this week. The document includes the approved and audited financial statements as well as additional reporting and disclosures on the EBRD’s risk management, corporate governance and structure.

The report is available as a print version and in PDF here.

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EBRD Law in Transition 2021

The EBRD published its Law in Transition 2021 report this week titled Legal reform in the time of Covid-19. The report investigates how the pandemic has revolutionised the way we live and work. Accordingly, the crisis changed the way international financial institutions provide their assistance. The EBRD seized the opportunity to reimagine policy dialogue in a global pandemic. Helping governments improve their legal environments for business had to be adapted to the emergency they faced.

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Making the case for more women on boards of Turkish firms

State institutions, development banks, business associations and professional women’s networks in Turkey are taking action to increase the inclusion of women on the boards of local companies. A roadmap was developed with EBRD funding and in partnership such as Ministry of Family and Social Services, the Capital Markets Board of Turkey, Borsa Istanbul and the IFC; business associations and professional women’s networks and Sabanci University’s Independent Women Directors Platform.

Learn more here and here

Project signings

Supporting vital infrastructure in Lviv with emergency funds

In Ukraine, the EBRD and the EU are joining forces to provide emergency support for Lviv to ensure the uninterrupted provision of vital services despite acute pressure from the Covid-19 pandemic. The EBRD is extending a €10 million loan to key municipal service providers and is prepared to lend another €12 million to meet the needs of the city. The EU is backing the loan with a first-loss guarantee under the European Fund for Sustainable Development, a guarantee facility to support sustainable investments in the EU neighbourhood.

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Joining forces with Raiffeisen to boost small businesses in Kosovo

In Kosovo, the EBRD is providing a €5 million loan to Raiffeisen Bank to boost the competitiveness of SMEs and help them bounce back from the Covid-19 crisis. Raiffeisen Bank will lend the funds to businesses looking to upgrade their technology, processes or services with a view to achieving EU standards, particularly those related to product quality, workers’ health and safety, and EU environmental requirements.

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Investing in Armenia’s renewable energy sector

Private equity fund Amber Capital Armenia, supported by the EBRD and the EU, has acquired solar plant operator Solis to build and operate a 4 MW photovoltaic (solar power plant in Aragatsotn, western Armenia to contribute green recovery and create around 50 jobs in construction and plant operations.

Learn more here and here

Donors

Today is International Tea Day!

In Kazakhstan, tea is the most popular hot drink and annual consumption ranks among the highest in the world. Together with the government of Kazakhstan the EBRD helped the private company Tea Center grow their profits by over 50 per cent and ther slaes by 25 per cent “The EBRD arrived at just the right moment to accelerate our learning process,” says Bektur Toleugazynov, the founder’s grandson, who manages the business today.

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We held our Star Venture business diagnostics workshop for start-ups in the Western Balkans, supported by Luxembourg.

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EBRD in the news

The EBRD expressed its concern on Sunday over the possibility of a state takeover of the Kumtor Gold Company. The Bank has been a leading institutional investor in the country since its independence at the end of 1991. The EBRD statement was widely reported locally and internationally.

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An event marking the completion of upgrades at Greece’s 14 regional airports by Fraport Greece was held at Thessaloniki International Airport on Wednesday, in presence of Greek Prime Minister Kyriakos Mitsotakis. The upgrade of the airports in recent years was supported by the EBRD with a €186.73 million investment in 2017.

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A virtual exhibition showcasing the Piraeus Tower through the eyes of 24 photographers aired on Sunday in Greece as part of the International Day of Light celebration. The EBRD, together with Dimand and Prodea Investments, is supporting the redevelopment of the 32,000-square metre building, which has remained vacant for 47 years, into a modern eco-friendly building.

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EBRD in social media

The Bank looked forward to the EBRD Green Cities Conference, which will be held 6-8 June

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We also started promoting the announcement of the winner of our 2021 Literature Prize

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This week was International Road Safety Week which we promoted with  our video…

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…and Annemarie Straathof’s card on Road Safety

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The new Pocket Dilemmas Podcast on how finance can reduce pollution during the Covid 19 crisis went live with EBRD’s Director of Research Ralph de Haas and Associate Professor of Economics at Imperial College London, Ralf Martin

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Monday was International Day Against Homophobia, Transphobia and Biphobia and we paid tribute to our Spectrum colleagues

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Also our Ralph De Haas and Cevat Giray Aksoy spoke on how legislation can improve attitudes towards LGBTQ+ people

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