Latest news with #Renaud-Basso
Reuters
15-05-2025
- Business
- Reuters
EBRD greenlights new African members for investment
LONDON, May 15 (Reuters) - The European Bank for Reconstruction and Development (EBRD) has cleared new member states Nigeria, Ivory Coast and Benin for investments following approval by the development finance institution's board, it said on Thursday. The move will give the countries access to millions of euros in potential investments from EBRD, cementing an expansion into Sub-Saharan Africa by the lender that has been in the works for years. "The EBRD will leverage its financial resources and expertise to boost the countries' economies and provide new opportunities to their people, complementing the work of existing development partners," EBRD President Odile Renaud-Basso said in a statement. At its annual meeting on Thursday, the EBRD board formally voted to approve recipient country status for the three West African nations. Investments will begin shortly after an amendment to the EBRD's founding treaty comes into force in July, the bank said. Kenya, Ghana and Senegal are also being considered for membership but still must meet some pre-membership requirements before the process is fully concluded. The bank was formed in 1991 to help rebuild Eastern Europe in the wake of the Cold War and has since expanded into the Middle East, North Africa and Mongolia. It has invested more than 200 billion euros ($223.72 billion) since its creation and supports policy reforms to develop the private sector. It partners with the private sector to enable investments in natural resources, financial institutions, agriculture and infrastructure. Renaud-Basso said the bank will focus on supporting the green transition, strengthening economic governance and promoting human resilience, including equal opportunity. ($1 = 0.8940 euros)
Business Recorder
13-05-2025
- Business
- Business Recorder
Awaiting US cash, EBRD gives funders till end of the year to pay up
LONDON: The European Bank of Reconstruction and Development has extended the deadline for its shareholders to subscribe to a 2023 capital increase, the lender's president said, and is in talks with its biggest contributor, the United States, on the issue. Just over 60% of the EBRD's 75 shareholders - including Japan and most EU 27 countries - were either in the process of or had already paid in for the capital increase that the lender's board approved in late 2023, President Odile Renaud-Basso said in a news briefing on Monday. Remaining ones - including the United States, which is the bank's largest shareholder at 10% - now have more time to do so. 'The deadline will be extended until the end of the year,' said Renaud-Basso, speaking ahead of the EBRD's annual general meeting that was scheduled to kick off in London on Tuesday. 'We always set a deadline to try to accelerate and then be ready to extend the deadline.' The US Treasury did not immediately respond to a request for comment. Washington's financial support has become a key issue for multilateral development banks at a time when the administration under President Donald Trump has pivoted away from development finance. Trump looks set to send $3.2 billion in contributions to the World Bank's International Development Association (IDA), which provides low- or zero-interest loans to the world's poorest countries, fulfilling only part of the $4 billion pledge from his predecessor Joe Biden. Renaud-Basso said that there would be more clarity on the US contribution as the budget makes its way through Congress in the coming weeks, but that the bank was on a solid financial footing regardless. 'We had very good results, basically since 2023,' she said. 'In financial terms, this very, very solid ground and very, very strong position,' she said, adding if the US did not subscribe it would remain the top shareholder but see its percentage of capital reduced compared with the other members. Renaud-Basso said the EBRD would keep the green energy transition and a focus on expanding human capital - such as supporting women in business - among its top priorities despite the Trump administration's stated objection to such priorities at other development banks. 'Our investment in this area is very much driven by the economics, the need for energy security, the need for the energy efficiency,' Renaud-Basso.
Morocco World
06-05-2025
- Business
- Morocco World
EBRD and Partners Provide €65 Million Green Financing to BMCI
Doha – The European Bank for Reconstruction and Development (EBRD), along with the European Union (EU), the Green Climate Fund (GCF), and Canada, is extending a €65 million green financing package to Banque marocaine pour le commerce et l'industrie (BMCI). The funding comes through the EBRD's High-Impact Partnership on Climate Action (HIPCA) and is part of the EU-backed Morocco Decarbonisation and Climate Resilience program. BMCI is set to become the first bank in Morocco to receive this comprehensive Green Economy Financing Facility (GEFF) Plus package, marking the EBRD's fifth partnership with the institution. The collaboration aims to accelerate Morocco's green transition and promote sustainable investment across the country. The financing includes €1.75 million from the GCF and €2.4 million from Canada to support climate projects of small, medium-sized, and larger companies. BMCI will distribute these funds through sub-loans to Moroccan businesses, enabling them to invest in advanced climate technologies and sustainable business practices. In addition to the financial support, BMCI will benefit from a technical assistance programme and investment incentives funded by the EU and GCF. These resources will help the bank effectively deploy the funds and maximize the impact of the green initiative. The dual financing structure consists of two distinct loans. The first is a €35 million credit line, which includes the €1.75 million GCF contribution, targeting small and medium enterprises for climate mitigation and adaptation investments. Read also: Morocco Is a 'Major Investment Destination' for EBRD, Says President Renaud-Basso The second loan of €30 million, with €2.4 million from Canada through HIPCA, supports medium-sized climate investments by private Moroccan companies. Target sectors include small-scale renewable energy, energy efficiency, green buildings, circular economy, climate adaptation investments focusing on water efficiency, sustainable land management, digitization, and blue economy investments. According to the EBRD, BMCI, which has been operating in Morocco since 1943, is positioning itself as a key banking-sector ally in environmental protection, offering 'green packages' with advantageous terms for financing ecological equipment and work. The Green Partnership between Morocco and the EU prioritizes energy transition, climate resilience, and decarbonization to foster sustainable economic growth. Since Morocco became an EBRD investee economy in 2012, the bank has invested almost €5.4 billion in the country through 113 projects. Tags: BMCIEBRDgreen finance
See - Sada Elbalad
06-05-2025
- Business
- See - Sada Elbalad
EBRD President Voices Strong Support for Egypt's Economic Reform Program
Nada Mustafa Odile Renaud-Basso, President of European Bank for Reconstruction and Development (EBRD), expressed strong support for the Egyptian government's economic reform program. In a joint press conference held in Cairo with Egypt's Minister of Planning and Economic Development, Dr. Rania Al-Mashat, Renaud-Basso highlighted the bank's key investment areas in Egypt, which include manufacturing and major infrastructure projects. Earlier, Al-Mashat welcomed Renaud-Basso at the Ministry's headquarters in the New Administrative Capital (NA as part of the EBRD President's official visit to Egypt. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Egypt confirms denial of airspace access to US B-52 bombers Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
Daily News Egypt
06-05-2025
- Business
- Daily News Egypt
Madbouly, EBRD president discuss expanded economic cooperation
Prime Minister Mostafa Madbouly met on Sunday evening with Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD), at the government headquarters in Egypt's New Administrative Capital. The meeting focused on the bank's future plans to support various sectors of Egypt's economy. Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat also attended the meeting. Madbouly praised the strength of Egypt's strategic partnership with the EBRD, noting that this close cooperation has resulted in a growing portfolio of projects—most of which support the private sector. He emphasized that since Egypt officially became a country of operation for the EBRD in 2021, the bank has helped channel investments worth around €14bn across 194 projects in both the public and private sectors. The Prime Minister also highlighted that Egypt has ranked as the EBRD's top country of operation in the Southern and Eastern Mediterranean (SEMED) region for the seventh consecutive year as of 2024. One of the most prominent areas of collaboration, he noted, is in renewable energy, particularly through the 'NWFE' programme—the national platform for green projects. Madbouly reaffirmed Egypt's commitment to further deepening this partnership with the same level of dedication, stressing the EBRD's vital role in advancing the broader strategic relationship between Egypt and the European Union. For her part, Minister Al-Mashat reviewed key areas of cooperation between the Egyptian government and the EBRD, including renewable energy, water desalination, and green hydrogen. She pointed out that more than 90% of the bank's operations in Egypt are directed toward supporting the private sector. In 2023 alone, EBRD investments in Egypt's private sector totalled approximately €1.5bn, targeting priority sectors such as food and agriculture, manufacturing, and clean energy. EBRD President Renaud-Basso reaffirmed the bank's commitment to supporting Egypt's economic development, with a continued focus on empowering the private sector. She expressed the EBRD's readiness to increase its involvement in the near future. Renaud-Basso also outlined the bank's current engagements across several strategic sectors, including renewable energy, healthcare, digital transformation, the government's IPO programme, and water desalination. She commended Egypt's recent reforms in taxation, customs, and legislative frameworks aimed at creating a more enabling environment for private sector growth. In addition, she noted that the EBRD is actively implementing programs to support youth, promote gender equality, and enhance the role of small and medium-sized enterprises (SMEs). The meeting also included a discussion of global economic developments and their implications for countries worldwide.
