EBRD targets coronavirus financing of €21 billion through 2021

The EBRD is rapidly stepping up support for its regions in the face of the coronavirus pandemic and now expects to dedicate the entirety of its activities to help the 38 emerging economies where it invests to combat the economic impact of the crisis.
 
EBRD shareholders agreed today to a comprehensive series of response and recovery measures that strengthen the Bank’s Solidarity Package, which was first unveiled on 13 March. The Bank now stands ready to provide support worth €21 billion over the 2020-21 period.
 
EBRD President Suma Chakrabarti described Covid-19 as an unprecedented challenge to the world and to the EBRD regions. Announcing the new measures, he said, “The crisis is now so all‐encompassing that, in practice, it is expected that all of the Bank’s business over the next one to two years will contribute to the EBRD’s crisis response.”

In the short term, the EBRD will provide “bridge support” to help clients develop effective responses to the pandemic in order to preserve value and survive. Virtual advice and training are already being offered to help governments identify innovative policy solutions and to clients to assist with workforce planning and crisis management.

At the same time, the EBRD will need to play a systemic role in supporting the broader private sector and well-functioning markets.

(WBJ)