The European Bank for Reconstruction and Development’s (EBRD) purpose is to foster transition towards open-market economies and to promote private and entrepreneurial initiative in its countries of operations committed to and applying the principles of multiparty democracy, pluralism and market economics.
A global pandemic, lockdowns, working from home, supply-chain disruption, extreme weather, war in Europe, rocketing gas prices, forced migration on a massive scale, high inflation, growing debt burdens. This non-exhaustive – yet quite exhausting – list of events would be challenging enough for governments and firms if it was spread over a decade or more. And yet, all of this has happened in the space of just three years, with the prospect of more turbulence to come. During these times the role of EBRD is even bigger than ever confirming its countercyclical role in support to its countries of operations and clients. The Bank delivered a record €13.1 billion in investments to its regions in 2022 at reported rates, in the face of the extremely challenging global economic environment. The 2022 result was significantly higher than last year’s Annual Bank Investment (ABI) total of €10.4 billion and the previous record level of €11 million in 2020 in response to the economic shock triggered by the Covid-19 pandemics. The Bank deployed €1.7 billion, and a further €200 million mobilised from partner banks, to support the real economy in Ukraine through investments in vital infrastructure, energy and food security, trade and support for the private sector. The Bank also mobilised a record amount of over €2.1 billion in donor funds, including unfunded guarantees. Over €1 billion of this is dedicated to Ukraine and other countries most affected by the war. The EU provided half of the donor resources alongside important contributions from many other donors such as the USA and Norway.