The European Bank for Reconstruction and Development (EBRD) has set ambitious goals for 2019 in support of the global development agenda after another year of strong delivery in the 38 emerging economies in which it invests across three continents.
The Bank overcame significant economic challenges in a number of countries to maintain an excellent level of investment and backing for reforms in 2018. It financed 395 projects worth a total of €9.5 billion, very close to the 2017 record of €9.7 billion.
At its Annual Meeting in Jordan in May 2018, EBRD shareholders asked the Bank to do even more with existing capital to increase investments in existing countries to help achieve Sustainable Development Goals the international community has pledged to deliver by 2030.
The EBRD responded with a plan that sees the Bank making an even greater impact in its regions. EBRD President Sir Suma Chakrabarti told Bank staff this week the EBRD would raise both the quality and the quantity of its investments over the next two years. He was confident the Bank would achieve these ambitious goals.
At the 2019 Annual Meeting, in May in Sarajevo, shareholders will decide whether to investigate possible further expansion — outside the current regions of activity.
2018 was a year during which the EBRD extended its broad international shareholder base that already stretches across five continents. India became the Bank’s 69th member and San Marino signed up to take a stake.
The EBRD also continued last year to work towards its climate finance goals, devoting 36 percent of its total investments to the green economy. The Bank is well on the way to meeting a target of dedicating a 40 percent share of investments to the green economy by 2020.
It underscored its green credentials with the launch of a new energy strategy that pledges to scale up investment in renewables, completely rule out financing for coal and restrict financing in upstream oil to exceptional projects, which reduce harmful greenhouse gases.
The EBRD also quadrupled the size of its Green Cities programme in support of environmentally friendly municipal investments to almost €1 billion.
The donor community showed great support for the work of the Bank, making available over a half a billion euros of co-financing, including €413 million in grants and €170 million in concessional loans to deepen the impact and sustainability of EBRD projects across its regions.
The EBRD continues its strong cooperation with donors to support development and reforms. They include, among others, the European Union, the Green Climate Fund, the Clean Technology Fund and national governments.
Original source: EBRD
Published on 17 January 2019
