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After HE Nikol Pashinyan, President of the Republic of Armenia have an opening speech for the event, the EBRD President Odile Renaud-Basso said that the EBRD remains a pillar of stability in its regions amidst an increasingly fragmented and volatile world.

Speaking at the Bank’s 2024 Annual Meeting and Business Forum in Yerevan, Armenia, where TFG is proud to be the official media partner of the event, President Renaud-Basso highlighted the EBRD’s reliability and steadfastness amidst multiple crises, including the war in Ukraine, the crisis in the Middle East, and natural disasters.

“In this dangerous new era, the EBRD and what we do become ever more crucial,” she said. “Our global membership allows us to be both an anchor of stability in today’s stormy seas and a bridge between North and South, East and West.”

Ms Renaud-Basso reported a record-breaking investment year for the EBRD in 2023, with €13.1 billion invested across the economies in which it operates. The Bank also achieved record numbers in projects, green financing volumes, disbursement amounts, private-sector support, and projects with a gender component.

The EBRD rebounded from the initial adverse impact of the war in Ukraine, returning to a profit of €2.1 billion.

Reflecting on last year’s mobilisation of an unprecedented €26.2 billion of private-sector finance, Ms Renaud-Basso said, “More is needed, and we will focus on scaling up the levels of investment from all sources we unlock.”

Ms Renaud-Basso also praised the resilience and bravery of the Ukrainian people in the face of Russia’s war on their country.

The Bank has deployed over €4 billion in Ukraine since 2022, with the exceptional support of its donors.

Looking forward, a €4 billion capital increase agreed by shareholders at the end of last year will further enhance the Bank’s capacity to sustain high levels of investment in Ukraine during wartime and for the country’s reconstruction.

“The capital increase also supports the Bank’s activity in all our regions,” Ms Renaud-Basso added, praising the rapid approval of the paid-in increase as “a symbol of multilateralism at its best.”

Ms Renaud-Basso reaffirmed the Bank’s readiness to expand its operations to sub-Saharan Africa and Iraq, as agreed by shareholders at the 2023 Annual Meeting in Samarkand. Since then, the Bank has welcomed Benin and Iraq as new members, with President Renaud-Basso describing this move to new frontiers as “a very exciting chapter for the EBRD.”

“For those who believe in multilateralism and want to accelerate our transition to a more sustainable world, this is the time to press on – together,” she said.