EBRD to remain a reliable partner in turbulent times
- EBRD is a reliable partner in today’s stormy seas, President says
- Odile Renaud-Basso speaks at the Bank’s 2024 Annual Meeting in Yerevan
- Multilateralism the only way of finding joint solutions to the world’s challenges
The European Bank for Reconstruction and Development (EBRD) is an anchor of stability in its regions and in an increasingly fragmented and volatile world, Bank President Odile Renaud-Basso said today.
Speaking at the Bank’s 2024 Annual Meeting and Business Forum in Yerevan, Armenia, President Renaud-Basso hailed the EBRD’s reliability and steadfastness in the midst of multiple crises, including the war on Ukraine, the crisis in the Middle East and natural disasters.
“In this dangerous new era, the EBRD and what we do become ever more crucial,” she said. “Our global membership allows us to be both an anchor of stability in today’s stormy seas and a bridge between North and South, East and West.”
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The President reported a record-breaking investment year for the EBRD in 2023, with €13.1 billion invested across the economies in which it operates. The Bank also posted a record number of projects, record green financing volumes, disbursement amounts, levels of private-sector support and number of projects with a gender component.
The EBRD also rebounded from the initial adverse impact of the war on Ukraine, returning to profit of €2.1 billion.
Reflecting on last year’s mobilisation of an unprecedented €26.2 billion of private-sector finance, Ms Renaud-Basso said: “More is needed, and we will focus on scaling up the levels of investment from all sources we unlock.”
The President also praised the resilience and bravery of the Ukrainian people in the face of Russia’s war on their country.
The Bank has deployed over €4 billion in Ukraine since 2022, with the exceptional support of its donors.
Going forward, a €4 billion capital increase agreed by shareholders at the end of last year will further enhance the Bank’s capacity to sustain high levels of investment in Ukraine in wartime and for the country’s reconstruction.
“The capital increase also supports the Bank’s activity in all our regions,” Ms Renaud-Basso added, praising the rapid approval of the paid-in increase as “a symbol of multilateralism at its best”.
Looking ahead, the President reaffirmed the Bank’s readiness to expand its operations to sub-Saharan Africa and Iraq, as agreed by shareholders at the 2023 Annual Meeting in Samarkand. Since then, the Bank has welcomed Benin and Iraq as new members, with President Renaud-Basso hailing its move to new frontiers as “a very exciting chapter for the EBRD”.
“For those who believe in multilateralism and want to accelerate our transition to a more sustainable world, this is the time to press on – together,” she said.