(BRIEF) The European Bank for Reconstruction and Development (EBRD) has announced a vital milestone by achieving a record €13. 1 billion in investments in 2023, marking a year of achievements and challenges. The bank reported record levels of investment, green financing, disbursements, to the personnel sector, and projects with a gender component. It has financed 464 projects, 80% of which are in the personal sector, for a total amount of more than 10,000 million euros. Green economy financing accounted for 50% of the bank’s total investment volume, while gender-responsive projects accounted for 44%. The EBRD also mobilised a total of €26. 2 billion in investments, approved a €4 billion capital injection to Ukraine, expanded its operations to sub-Saharan Africa and continued its efforts to countries affected by the crisis, adding Ukraine and Turkey.
(PRESS RELEASE) LONDON, January 12, 2024 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD) has invested €13. 1 billion in its economies in 2023.
In a year marked by milestones for the Bank, in addition to challenging situations in many of its regions, the EBRD also recorded a record volume and number of investments, green financing, disbursements, for the personal sector and a number of projects and projects. with a gender component.
The EBRD financed 464 projects in 2023, the highest number in its history. 80% of investments were made in the personal sector, corresponding to a record volume of more than €10 billion in 2023.
Green economy financing amounted to 50 per cent of the Bank’s total investment volume in 2023, totalling a record of more than €6.5 billion, while the share of gender-tagged projects came in at 44 per cent.
The total mobilisation, i. e. the total amount of investment that the Bank released from all resources in 2023, amounted to €26. 2 billion. This included a direct mobilisation of €2. 8 billion and an initial oblique personal mobilisation figure of €23. 4 billion.
In 2023, the Bank’s governors approved a solution to increase the Bank’s paid-up capital by €4 billion, raising its capital base to €34 billion, with the aim of keeping up with Ukraine. The year also marked significant progress for the Bank as its Governors approved amendments allowing for a limited and slow expansion of its operations in sub-Saharan Africa, which has developing economic linkages with the economies in which the Bank has recently operated, as well as prospects for staff sector development.
EBRD President Odile Renaud-Basso said: “In the face of challenging global situations such as the climate crisis, macroeconomic uncertainties and emerging geopolitical tensions, the EBRD is accelerating its outreach to its clients and countries of operations.
Never in its history has the Bank invested as much as it did in 2023, while achieving its goals of personal sector progress and green economies and remaining focused on impacting and supporting the transition to modern and inclusive markets.
The past year has shown that crises can be sudden, such as natural disasters, or protracted, such as the war in Ukraine. Whatever the nature of those crises, we have been determined, agile, and highly effective in supporting all of our economies.
Released figures are expected to show that the Bank has deployed record financing of more than €2 billion in Ukraine in 2023. Highlights of the year included a key €200 million loan, subsidized through Norway and the Netherlands, to help Ukraine’s fuel sector. Naftogaz built up strategic fuel reserves in the second winter heating season since Russia’s invasion and provided a €150 million state-guaranteed loan to Ukraine’s power transmission company Ukrenergo, with help from Norway and Italy, as part of a broader program to help energy. safety.
The EBRD remains Ukraine’s largest institutional investor and is even more so after the Russian invasion, focusing on energy security, important infrastructure, food security, industry and the personal sector.
The Bank has also led projects to expand Ukraine’s capital markets, agri-food sector, and develop interconnectivity by supporting investments in the country’s infrastructure.
Over the course of 2023, the EBRD managed to mobilise more than €1. 5 billion in donor funds, adding unfunded guarantees, of which more than €409 million signed for Ukraine. The European Union provided almost part of the donor resources, in addition to significant contributions from other countries, including Canada, Norway, Spain and the Netherlands.
The year 2023 was also marked by significant and challenging situations for the Bank, as Turkey, the largest economy in which the EBRD operates, suffered a series of devastating earthquakes in February, causing extensive damage and killing more than 50,000 people.
The EBRD temporarily announced a €1. 5 billion investment plan over two years for the region to mitigate the economic impact of the crisis. As part of the plan, a €600 million crisis response framework was introduced, the first of its kind deployed. in the EBRD regions.
The Bank also helped Morocco rebuild its economy after the earthquake that struck the country in September, the most severe it has experienced in more than a century and the deadliest since 1960. The EBRD has announced an initial reaction programme of up to €250 million for 2023-2025.
The Bank also welcomed Iraq as its latest member in 2023, bringing its total number of shareholders to 74, and approved applications by Benin and Côte d’Ivoire to become members.
The results for individual economies and regions will be announced later this month, and the Bank’s financial results are expected to be announced in the spring.
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SOURCE: EBRD
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