A digest of recent news from the EBRD
Change in EBRD leadership
Sir Suma Chakrabarti ended his second term as EBRD President on Thursday and was followed by First Vice President Jürgen Rigterink as Acting President. He will now head the Bank until a permanent successor is elected at the Bank’s Annual Meeting scheduled for 7-8 October 2020.
Learn more and read a bne IntelliNews story
In his last interview as EBRD President, Suma Chakrabarti stressed how the Bank is in a strong position to deliver the ambitious international development agenda.
The farewell video with highlights of his career as EBRD President is available on Twitter.
In a first interview with Het Financieele Dagblad, Jürgen Rigterink emphasised that the Bank was focused on delivering for the economies where it invests.
EBRD calls for action on development goals
In one of his last public interventions, Suma Chakrabarti spoke at a London School of Economics conference dedicated to the financing of the UN Sustainable Development Goals and said that the global community had done too little, too late. “The clock is ticking. The future won’t wait,” he warned.
Learn more and read the speech
History of the EBRD – The Book, vol. 1
Timed to coincide with Sir Suma’s departure was the presentation of a book he commissioned: Former EBRD economist Andrew Kilpatrick has written “After the Berlin Wall: A history of the EBRD”. The book was launched in an online discussion on Thursday and is available as a PDF here.
Delivering projects
In Kazakhstan, an EBRD finance package of €243.5 million will help KazTransGas address the company’s liquidity and working-capital needs. It will also secure the uninterrupted supply of natural gas to households across the country.
In Uzbekistan and Central Asia, agricultural enterprises and farms will be able to improve their cultivation practices and the planning of harvests following the modernisation of JSC Indorama Kokand Fertilizers and Chemicals (Indorama Kokand) supported by the EBRD with a US$ 12.5 million loan.
In Mongolia, more than 15,000 people will benefit from sustainable infrastructure designed to protect them from seasonal flooding, thanks to a US$ 7 million loan provided to Erdenet, the country’s second-largest municipality.
In Armenia, the EBRD signed a US$ 17 million loan to finance Masrik, the first utility scale solar plant in the country and the Caucasus.
On Twitter
In Ukraine, a €7 million working capital loan to Grain Alliance Group will support operations affected by the impact of the coronavirus pandemic
In Romania, the EBRD jointly with the European Investment Bank (EIB), supported Agricover Credit IFN with €12.5 million in new financing which will help farmers with improved access to finance.
Learn more and in a SeeNews story
Delivering green
EBRD and EU join efforts on green finance
Egypt, Morocco and EU Eastern Partnership countries will benefit from enhanced financing to boost green investments and climate resilience.
Wall Street Journal recognises EBRD achievements
The Wall Street Journal put the EBRD in the top 10 world’s largest issuers of green bonds in 2020.
EBRD Just Transition Initiative
Coinciding with the EU’s launch of its Just Transition Mechanism, the EBRD also published its Just Transition initiative, which aims to ensure that the benefits of a green economy transition are shared, while protecting vulnerable countries, regions and people from falling behind.
Lean more on Twitter here, here and here.
Covid-19 recovery to turn into a green renaissance
In a blog post for the Overseas Development Institute think tank Suma Chakrabarti called for green to be at the centre of the post-Covid-19 recovery.
EBRD Green Cities webinar
As part of London Climate Action Week 2020, the EBRD’s Josué Tanaka and Sue Goeransson participated in a EBRD Green Cities webinar where they discussed how to bring about a sustainable recovery in cities post-Covid-19. Other speakers included London Deputy Mayor Shirley Rodrigues, city officials from Tirana and Warsaw, and representatives of ODI and GCF.
Focus on Central Asia
Andre Kuusvek interviewed by Interfax
Andre Kuusvek, EBRD Managing Director for Central Asia, in an interview with Interfax-Kazakhstan, talked about the Bank’s impact in the region, the effects of the Covid-19 pandemic, and the reasons why trade restrictions on agricultural produce in Central Asia could threaten global food security.
Agris Preimanis at Astana Capital Markets Forum
The EBRD head of Kazakhstan, Agris Preimanis, participated in the Astana Capital Markets Forum and spoke about the EBRD’s investment strategy in the country in the light of Covid-19 and the impact the pandemic is having on the economy and the Bank’s operations.
Joint MDB/WTO declaration in support of trade
The EBRD joined forces with other multilateral development banks and the World Trade Organization (WTO) in a joint declaration to provide essential support for trade during the coronavirus crisis.
Equity: the key to unlocking a sustainable economic recovery
A joint statement by Accountancy Europe, CFA Institute, FESE and EBRD underlined the critical role that capital markets play in mitigating some of the economic fallout caused by the Covid-19 pandemic.
New projects
The EBRD approved or signed new projects this week:
- In Serbia, the Bank signed a €10 million loan for the expansion of Coral SRB
- In Ukraine, the Bank approved a €3.3 million working capital loan for Kormotech LLC
- In Kazakhstan, the Bank approved a € 24.9 million loan (in KZT equivalent) for a new solar plant in Karaganda
- In North Macedonia, the Bank approved a €20 million loan to Sparkasse Bank Macedonia for on-lending
- In Romania, the Bank approve a €9.2 million loan for the urban rehabilitation of the city of Craiova.
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| Newly approved projects week 29 June - 03 July | |||||
| Date | Country | Client | Project description | Sector | Status |
| 29-Jun | Serbia | Coral SRB | €10 million loan in dinar equivalent for expansion | Natural Resources | Signed |
| 30-Jun | Ukraine | Kormotech LLC | €3.3 million working capital loan | Agribusiness | Approved |
| 30-Jun | Kazakhstan | Karaganda Solar Phase II | € 24.9 million loan (in KZT equivalent) | Energy | Approved |
| 02-Jul | North Macedonia | Sparkasse Bank Macedonia | €20 million for onlending | Financial Institutions | Approved |
| 02-Jul | Romania | City of Craiova | €9.2 million loan for urban rehabilitation | Municipal and environmental infrastructure | Approved |
