EBRD reports 10% increase in 2020 investment portfolio to €11bn
<p> MINSK, Jan 14 - PrimePress. The European Bank for Reconstruction and Development (EBRD) says it responded to the coronavirus pandemic with record investment of €11 billion in 2020 through 411 projects, addressing the urgent needs of the 38 economies where it invests. </p> <p> </p> <p> This represents a 10 per cent increase in annual business investment relative to 2019, when the Bank provided €10.1 billion to finance 452 projects. </p> <p> </p> <p> EBRD President Odile Renaud-Basso said: “The Bank put in an impressive performance and delivered on its promise to help our countries and clients deal with the economic impact of the Covid-19 pandemic. Our investments were sharply higher than the year before and we also provided policy support to help the private sector through the crisis.” </p> <p> </p> <p> As previously reported, in Nov 2020 the EBRD suspended funding of public sector projects in Belarus amid the domestic political crisis, which unfolded in the country after the Aug 2020 presidential election and the western sanctions that followed the violent repression of dissent. At the same time, EBRD resources will still remain available for infrastructure projects with the state that were approved before the modification of the bank's approach to the public sector, as well as private businesses. This format of engagement with the EBRD was already in place from 2011 until 2016, when relations between the European Union and Belarus were in crisis following the December 2010 presidential election. </p> <p> </p> <p> The European Bank for Reconstruction and Development is an international financial institution headquartered in London, created to support the economic transformations in Central and Eastern Europe. Since the start of its operations in Belarus in 1992, the EBRD has invested €2.9 billion in 137 projects in various sectors of the country’s economy. In 2016 the EBRD adopted a new strategy for operations in Belarus in 2016-2019. The document abolished the calibrated approach, which restricted EBRD operations with the public sector. Belarus and the EBRD have been implementing a number of projects in the financial sector, utilities industry, and transport infrastructure. End </p>
2021-01-15
Primepress
EBRD reports 10% increase in 2020 investment portfolio to €11bn
MINSK, Jan 14 - PrimePress. The European Bank for Reconstruction and Development (EBRD) says it responded to the coronavirus pandemic with record investment of €11 billion in 2020 through 411 projects, addressing the urgent needs of the 38 economies where it invests.
This represents a 10 per cent increase in annual business investment relative to 2019, when the Bank provided €10.1 billion to finance 452 projects.
EBRD President Odile Renaud-Basso said: “The Bank put in an impressive performance and delivered on its promise to help our countries and clients deal with the economic impact of the Covid-19 pandemic. Our investments were sharply higher than the year before and we also provided policy support to help the private sector through the crisis.”
As previously reported, in Nov 2020 the EBRD suspended funding of public sector projects in Belarus amid the domestic political crisis, which unfolded in the country after the Aug 2020 presidential election and the western sanctions that followed the violent repression of dissent. At the same time, EBRD resources will still remain available for infrastructure projects with the state that were approved before the modification of the bank's approach to the public sector, as well as private businesses. This format of engagement with the EBRD was already in place from 2011 until 2016, when relations between the European Union and Belarus were in crisis following the December 2010 presidential election.
The European Bank for Reconstruction and Development is an international financial institution headquartered in London, created to support the economic transformations in Central and Eastern Europe. Since the start of its operations in Belarus in 1992, the EBRD has invested €2.9 billion in 137 projects in various sectors of the country’s economy. In 2016 the EBRD adopted a new strategy for operations in Belarus in 2016-2019. The document abolished the calibrated approach, which restricted EBRD operations with the public sector. Belarus and the EBRD have been implementing a number of projects in the financial sector, utilities industry, and transport infrastructure. End