An EBRD publication dedicated to legal transition in its region, the annual Law in transition journal, has chosen the extractive sector as the focus for its new edition.
In its main section, the journal covers three subjects: non-performing loans (NPLs), covered bonds legislation in central and eastern Europe, and energy sector reform in Egypt which should enable the country to develop competitive renewable energy.
Franc Cmok from the EBRD looks at legal and regulatory challenges to NPL resolution and distressed debt markets development. The EBRD recently analysed the impediment of NPL resolution in Hungary and Serbia.
An article by the EBRD’s Andreea Moraru, Jacek Kubas and Ivor Istuk examines the process of introducing new legislation for covered bonds, an important source of long-term funding, focusing on central and eastern Europe. The EBRD as a bank has just invested in covered bonds in Poland and Turkey for the first time.
Stephanie Wormser from the EBRD looks at the reform of Egypt’s energy sector which enables it to produce competitive renewable energy.
Focus: Natural resources and sustainable development
In its focus section, the journal contains several pieces about the natural resources sector and its contribution to sustainable development. The importance of transparency for investors is also considered.
EBRD’s Paul Moffatt, the focus editor for this issue of the journal, examines the importance of clear policy-making, legal certainty and robust institutions for the sector.
The EBRD Director for Natural Resources, Eric Rasmussen, sets out the Bank’s involvement in natural resources investment, and benefits the Bank brings to its partners.
The main challenges for governments, and the natural resources sector as an anchor for sustainable development, are analysed by Professor Peter D. Cameron of the University of Dundee.
Andrew Michelmore shares experiences from member countries of the International Council on Mining and Metals.
The Managing Director and Chief Economist of Erdenes Mongol, Mongolia’s asset management company, Ch.Otgochuluu, provides a timely insight into the country’s new minerals policy.
Jonas Moberg and Victor Ponsford focus on the Extractive Industries Transparency Initiative, or EITI (the EITI is supported by EBRD grants in several countries).
EBRD’s Anastasia Rodina looks at gas flaring reduction, an area in which the EBRD and the World Bank cooperate.