Latest news with #OdileRenaudBasso
Zawya
5 days ago
- Business
- Zawya
Tunisia: PM highlights importance of expanding cooperation in RE and transport in meeting with EBRD President
Seville - Prime Minister Sarra Zaafrani Zenzri during her meeting on Monday in Seville with President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud-Basso, expressed her desire to expand and diversify cooperation between Tunisia and the EBRD to include such promising sectors as renewable energy and transport, particularly in railways and water. Zenzri emphasised Tunisia's commitment to benefiting from the bank's technical expertise to support public institutions and enterprises and boost partnership, especially by providing financing for small and medium-sized enterprises (SMEs). For her part, EBRD President Odile Renaud-Basso reiterated the bank's commitment to continue supporting Tunisia in its reform efforts and in implementing priority projects. She also praised the climate of trust and the quality and pace of cooperation between the two parties. © Tap 2022 Provided by SyndiGate Media Inc. (
Zawya
16-05-2025
- Business
- Zawya
EBRD greenlights new African members for investment
LONDON: 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) (Reporting by Libby George; Editing by Joe Bavier)
Reuters
12-05-2025
- Business
- Reuters
Awaiting US cash, EBRD gives funders till end of the year to pay up
LONDON, May 12 (Reuters) - 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 U.S. 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 U.S. 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 U.S. 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. She said the bank's board of governors was also expected to approve the start of EBRD operations in Nigeria, Ivory Coast and Benin as part of its expansion into Sub-Saharan Africa. She added that global turmoil made support of banks like the EBRD more important than ever. "The level of uncertainty has never been so high, with all the tensions around trade, major political tension, of course... Ukraine," she said.
Zawya
07-05-2025
- Business
- Zawya
El-Khatib, EBRD's President probe bolstering European investments in Egypt
Arab Finance: Minister of Investment and Foreign Trade Hassan El-Khatib and President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso discussed ways to support cooperation and promote European investments in Egypt, according to a statement. El-Khatib reviewed the state's economic plans to improve the investment environment by developing the customs clearance system and boosting the efficiency of customs operations. He also emphasized the importance of digital transformation in facilitating trade and investment operations, highlighting the government's efforts to increase Egyptian exports to global markets and enhance the efficiency of supply and production chains. The minister also indicated that the government is implementing some economic reforms, including fiscal, monetary, and trade policies. These initiatives aim at easing burdens on investors and facilitating licensing procedures through a unified platform that provides e-licensing services to investors. For her part, Renaud-Basso affirmed the bank's continued support for Egypt in its economic reform plans, hailing the government's steps to improve the business environment and attract investment. She also asserted EBRD's commitment to enhancing cooperation on various infrastructure projects, including digital transformation, sustainable development, and the sectors of health, industry, and energy. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
