The COVID-19 pandemic and its economic consequences present an unprecedented challenge to the EBRD and its countries of operations. To respond in solidarity with its shareholders, countries of operations, partners and clients, within its mandate, the Bank established the Resilience Framework comprising new and additional funding with tenors of up to three years for the Bank's existing clients.
The COVID-19 pandemic is unprecedented. Its economic impacts are profoundly affecting all 38 economies in the Bank's regions of operations across all sectors. During the period of major disruption, it is vital to ensure that enterprises and financial institutions with otherwise solid business models have adequate access to liquidity. The Bank's support is required to avoid long-term adverse consequences, including to business sustainability and reversals of transition impact.
The Resilience Framework aims to support and ensure resilience of the EBRD's existing clients, who are facing the negative economic consequences of the COVID-19 pandemic while preserving the transition gains achieved under existing EBRD projects.
- The main goals of the operations in favour of financial institutions are to help them carry on as active and effective market players with a view to supporting their continued business lending to their clients and notably SMEs.
- The main goals of the operations in favour of infrastructure and corporate sector clients are to support the sustainability of their existing operations and the continuity of public services, by financing their liquidity needs during the COVID-19 outbreak, thereby protecting the transition gains achieved under the existing EBRD projects.
Focus on existing clients. The fastest and most effective response can usually be delivered through the clients the Bank already knows and with whom it has a relationship based on mutual trust and understanding. Therefore, this Framework is focused on supporting existing counterparties and projects.
EBRD Finance Summary
Total Project Cost
The COVID-19 pandemic and global restriction measures caused distress across many economy sectors and led to increased liquidity needs. Market volatility and the sharp decrease of investor risk appetite severely limit the options for companies in the EBRD countries of operation to raise funding and creates uncertainty on the renewal of existing financing arrangements. EBRD financing is provided in the extraordinary circumstances of the pandemic and effectively bridges a liquidity gap as well as provides more financial security caused by adverse market conditions and heightened uncertainties.
Environmental and Social Summary
Environmental and social risks and impacts associated with projects will be assessed in accordance with the EBRD's 2019 Environmental and Social ("E&S") Policy and the applicable Performance Requirements.
Technical Cooperation and Grant Financing
The need for Technical cooperation is assessed on an individual basis for each project.
PSD last updated
05 Nov 2020
Further information regarding the EBRD’s approach to measuring transition impact is available here.
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Specific enquiries can be made using the EBRD Enquiries form.
Environmental and Social Policy (ESP)
The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.
More information on the EBRD’s practices in this regard is set out in the ESP.
Integrity and Compliance
The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.
OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to email@example.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.
Access to Information Policy (AIP)
The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.
Specific requests for information can be made using the EBRD Enquiries form.
Independent Project Accountability Mechanism (IPAM)
If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).
IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.
Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM via email firstname.lastname@example.org to get guidance and more information on IPAM and how to submit a request.