An equity commitment of €25 million to the Polish Enterprise Fund VIII will support equity and quasi-equity investments in primarily medium-sized companies in central and south-eastern Europe, with a focus on Poland. The project will increase the competitiveness of portfolio companies and the resilience of the financial sector in the region.

In addition to investing €80 million in a series of mortgage-covered bonds issued by VUB, the second-largest bank in the Slovak Republic, the EBRD partnered with the Slovak government to improve the legal and regulatory framework for covered bonds. This work resulted in the adoption of a new law for this type of debt security.

The Čibuk 1 wind farm in Serbia will provide electricity for 113,000 households and cut CO₂ emissions by 370,000 tonnes per year. The EBRD and the International Finance Corporation provided €215 million in joint financing for the wind project which, with a generation capacity of 158 megawatts, will be the largest in the Western Balkans to date.

An equity investment in Agricover will help the Romanian agribusiness company expand its provision of essential services to small local farms. As well as seeking to meet the growing financial needs of farms, Agricover improves their access to modern technology and to markets for
their products.

The Bank signed five transactions worth a total of €47 million under its Green Cities Framework in support of environmentally friendly municipal investments. Projects included financing for an electric bus fleet in Batumi, Georgia, and for a biomass-fuelled district heating plant in Banja Luka, Bosnia and Herzegovina. A wide range of donors provide funding in support of the Framework.

A project to expand the motorway network in Bosnia and Herzegovina will strengthen the country’s integration and its connections with the EU. The EBRD provided a €70 million loan to help finance a new section of the Corridor Vc motorway, which is the main international transport corridor in the country.

The EBRD partnered with Serbia on a project to help prepare the country for more extensive rollout of broadband infrastructure. The initiative, which forms part of the Bank’s legal reform work, identified the best financing, operational and technical options for increasing access to high-speed broadband throughout Serbia.

The EBRD, with support from the UK government’s Good Governance Fund, launched a technical cooperation project in Moldova to promote the use of mediation in the resolution of commercial disputes. Mediation makes the resolution process cheaper and faster than relying exclusively on courts and helps to preserve the commercial relationship between parties. In turn, this improves an economy’s investment climate. The project focuses on training professional mediators, expanding the network of court-annexed mediation and increasing the capacity of the mediation centre at the Chamber of Commerce and Industry of Moldova.

The EBRD extended a loan of €83.4 million equivalent in lari to TBC Bank for onlending to local SMEs. This package will support the private sector’s development and assist firms managed or owned by women entrepreneurs. It will also help businesses converge with EU standards, allowing them to take advantage of opportunities offered by the Deep and Comprehensive Free Trade Area between Georgia and the EU. A €19 million EU contribution will provide investment grants, technical assistance and training to partner financial institutions and enhance local banks’ ability to accept the risk related to SME lending.

With support from donors, the EBRD is helping SMEs in Azerbaijan to grow, diversifying the economy beyond the energy sector. As well as providing direct financing and lending through local banks, the EBRD delivers business advice. Thousands of SMEs have learned new skills, improved governance and modernised, thanks to backing from the Bank and donors such as the European Union, Sweden, Taipei China and the EBRD Early Transition Countries Fund. Among the beneficiaries of this assistance in 2017 was IDEA LLC, which worked with a local consultant to introduce a resource planning system – a project supported through the EU4Business Initiative. The new system established better controls, cut product delivery times and boosted the firm’s confidence, helping it to secure a large contract.

An EBRD-managed fund is helping to provide Armenia with more environmentally friendly infrastructure for processing solid waste.  The Eastern Europe Energy Efficiency and Environment Partnership fund is co-financing the construction of a new landfill for the Gegharkunik and Kotayk regions with a €2 million grant. The facility will use modern management processes to collect and dispose of municipal solid waste and is expected to provide major environmental and social benefits for local residents. The project previously benefited from two EBRD loans totalling €5.5 million and a €3.5 million grant provided by the EU. The EU is the largest donor and Armenia also contributes to the Fund.

The EBRD is financing the delivery of energy supplies from Azerbaijan to Europe along the Southern Gas Corridor with a US$ 500 million (€417 million equivalent) loan that will help fund completion of the Trans-Anatolian Gas Pipeline. Bank engagement in the project will ensure that it meets the highest environmental standards.

A syndicated loan of up to US$ 350 million (€292 million equivalent) will support the modernisation and environmental upgrade of ArcelorMittal Kryvyi Rih, Ukraine’s largest steel mill. As a result of the investment, the facility is expected to cut its CO₂ and nitrogen oxide emissions while also significantly reducing its dust emissions.

Georgian telecommunications company MagtiCom used a US$ 40 million (€33.4 million) syndicated loan to finance the acquisition of internet infrastructure provider Delta-Comm. The purchase supports MagtiCom’s plans to expand into the regions of Georgia, increasing competition and improving broadband penetration in these areas.

The Bank signed five transactions worth a total of €47 million under its Green Cities Framework in support of environmentally friendly municipal investments. Projects included financing for an electric bus fleet in Batumi, Georgia, and for a biomass-fuelled district heating plant in Banja Luka, Bosnia and Herzegovina. A wide range of donors provide funding in support of the Framework.

PJSC ProCredit Bank Ukraine will use an EBRD loan worth the equivalent of €21 million to provide loans in Ukrainian hryvnia to SMEs. Grant funding from the EU will help reduce the cost of the foreign exchange risk-protection instrument and make the local currency funding more affordable.

In order to help Georgia fulfil its commitments as a signatory to the Energy Community and as a party to the Paris Agreement on combating climate change, the EBRD has assisted the country with the development of a National Energy Efficiency Action Plan. This sets out how Georgia can increase its energy efficiency and cut CO₂ emissions while also pursuing economic growth.

The upgrade of a 253-kilometre stretch of railway line will improve links between Ukraine’s major agricultural and industrial areas and the ports of Mykolaiv and Odessa. The project, backed by EBRD financing worth up to €150 million, will also cut CO₂ emissions and promote better corporate governance at Ukrainian Railways.

Small businesses and trading firms in Uzbekistan will benefit from US$ 160 million (€133.5 million equivalent) in lending extended to three local financial institutions. The financing will support transactions under the Trade Facilitation Programme and credit lines while donor funding will help to build the capacity of partner financial institutions.

A syndicated loan worth US$ 350 million (€292 million equivalent) will finance the expansion of JSC ShalkiyaZinc Limited’s mining operation in southern Kazakhstan. The EBRD-led investment will also create new job and training opportunities, especially for women and young people, at the zinc and lead deposit.

Financing for an irrigation reform programme in Kazakhstan will help the country build resilience to climate change. National water operator Kazvodkhoz will invest part of a US$ 174 million (€145 million equivalent) loan in modern irrigation infrastructure that will generate huge water savings.

Tajikistan became the latest country to join the EBRD’s programme, which promotes women’s entrepreneurship through access to finance and advisory services with support from Switzerland and the EBRD Small Business Impact Fund. The programme covers 17 countries and since its launch has provided more than €430 million in financing to partner financial institutions for on-lending to women-led businesses.

The EBRD provided a US$ 4.7 million (€3.9 million equivalent) loan and grant financing to the operator of the main air gateway in the Kyrgyz Republic to support its modernisation plans. Improvements to the terminal building at Manas Airport will include installing a highly energy-efficient heating and ventilation system.

Small businesses and trading firms in Uzbekistan will benefit from US$ 160 million (€133.5 million equivalent) in lending extended to three local financial institutions. The financing will support transactions under the Trade Facilitation Programme and credit lines while donor funding will help to build the capacity of partner financial institutions.

As part of its contribution to the global Extractive Industries Transparency Initiative, the EBRD organised a two-day seminar in Kazakhstan on the problem of hidden ownership in the oil, gas and mining sectors. In Mongolia, meanwhile, the Bank launched a pilot outreach programme for rural communities affected by extractive industries. Donors supported the delivery of both projects through the EBRD Shareholder Special Fund.

Mutabar Medical Standart will build a facility for the production of pharmaceuticals packed in plastic ampoules and invest in research and development with the help of a US$ 11 million (€9 million equivalent) loan. The venture will increase safety standards, reduce the cost of medicines and boost innovation in Uzbekistan’s pharmaceutical sector.

A local currency loan worth the equivalent of €1.7 million will help the Microfund for Women, a microfinance institution, expand its lending to female-run small businesses. Jordan is particularly affected by the Syrian refugee crisis and donor-funded support for the project will address the needs of refugees who want to start businesses.

The EBRD and donors provided €53.2 million to help finance improvements to wastewater services in northern Jordan that will benefit local residents, including refugees. More than 100,000 residents in the western part of the Irbid governorate, nearly a fifth of whom are Syrians, will have access to sanitation services for the first time.

The EBRD extended a loan of €25 million to the Water Authority of Jordan under its Municipal Resilience Refugee Response Framework. Grant co-financing will facilitate delivery of the project and is provided by the EU’s Trust Fund for Refugees (€20 million), the EBRD’s Shareholder Special Fund (€5.9 million) and the World Bank’s Global Concessional Financing Facility (€2.3 million equivalent).

A US$ 20 million (€16.7 million equivalent) loan to Egyptian bank QNB ALAHLI will increase access to finance for women entrepreneurs and women-led firms. Extended under the EBRD’s Women in Business programme, which is supported by the EU, the MENA Transition Fund and the SEMED Multi-Donor Account, the credit line is accompanied by business advice, training and support for this underserved section of the business community.

Millions of commuters will benefit from a major fleet expansion and service upgrade programme by Egyptian National Railways. As well as extending €290 million in financing for the acquisition of 100 new locomotives, the EBRD provided technical assistance for the operator’s freight reform plan.

A project aimed at improving sanitation infrastructure in the Fayoum area south of Cairo will help to create about 30,000 jobs for local people and provide dedicated support for women’s access to economic opportunities. The EBRD is investing €186 million in the development and upgrade of wastewater services in the district and the EU is providing grants.

A €160 million loan will help Tunisia’s national rail operator finance network upgrades and the purchase of six modern electric trains. By increasing electrification and encouraging more passengers to use this greener form of transport, the project will generate energy savings and help cut CO₂ emissions by 14,000 tonnes each year.

A US$ 20 million (€16.7 million equivalent) loan to Egyptian bank QNB ALAHLI will increase access to finance for women entrepreneurs and women-led firms. Extended under the EBRD’s Women in Business programme, which is supported by the EU, the MENA Transition Fund and the SEMED Multi-Donor Account, the credit line is accompanied by business advice, training and support for this underserved section of the business community.

Eighty-five Syrian refugees attended training programmes associated with the EBRD-funded Abdali Mall shopping and entertainment centre in the Jordanian capital, Amman. More than 200 Jordanian young people also took part in these programmes, funded by the United Kingdom, which provide training and job-matching services to help participants find work in the hospitality and retail sector.

The EBRD invested €30 million in a bond issue by the National Bank of Greece to help finance mortgage lending and stimulate the real estate market, which is fundamental to the country’s economic recovery. The investment signals confidence in the return to health of the Greek financial sector.

Participation in a bond issue by industrial group Mytilineos Holdings helped to make the Greek economy more resilient by supporting local capital-market development and by encouraging economic diversification. The Bank’s €30 million investment made a significant contribution to the success of the offering on the Athens Stock Exchange.

The EBRD invested €30 million in a bond issue by the National Bank of Greece to help finance mortgage lending and stimulate the real estate market, which is fundamental to the country’s economic recovery. The investment signals confidence in the return to health of the Greek financial sector.

The Bank undertook numerous donor-funded projects aimed at assisting states to exercise their governance functions more effectively and create an investor-friendly economic environment. Initiatives included support for the competition authorities and inspections regime in Serbia, improvements to public administration in Ukraine and work to reform that country’s policy on state ownership.

The EBRD assisted the Hellenic Financial Stability Fund in an evaluation of board dynamics at Greece’s four largest banks and of their management of non-performing loans. All four banks began implementing the evaluation’s recommendations in line with an action plan agreed with the Fund, which is monitoring their progress.

An international initiative to eliminate the highest radiation risk in the entire EBRD region reached a milestone when a first shipment of spent nuclear fuel left its storage site in north-western Russia. The Bank manages the Nuclear Window Support Fund of the Northern Dimension Environmental Partnership, which finances work to address this legacy of the former Soviet fleet. The project is part of the EBRD’s leading efforts to address major safety issues surrounding nuclear legacies, including work to help make the Chernobyl site safe and secure.

A joint venture with leading Turkish real estate developer Nef will invest in earthquake-proof residential and student housing that will also meet high standards for energy and resource efficiency. The EBRD is providing US$ 60 million (€50 million equivalent) in financing for the project through a combination of equity and subordinated debt.

The EBRD invested 100 million Turkish lira (€22 million equivalent) in a bond issued by utility group Enerjisa Enerji to support its operations. This was the Bank’s first investment in an inflation-linked bond. Its five-year tenor is the longest for an inflation-linked or local currency instrument issued by a Turkish corporation.

Agribusiness trading company Olam International Limited is to create training opportunities for 750 farmers in remote parts of Georgia and Turkey. The initiative is linked to a US$ 150 million (€125 million equivalent) EBRD loan in support of Olam’s investments in those countries as well as in Egypt, Poland and Ukraine.

The EBRD is helping Turkey’s most populous city shift to modes of transport that produce fewer CO2 emissions and lead to better air quality. A loan worth €88.3 million will support the construction of a 13-kilometre extension to the metro network in this metropolis of more than 14 million people.