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In doing so they should deploy the financial innovation which helped to halt the Latin American debt crisis of the 1980s: Brady bonds. It requires a 21st-century Marshall Plan led by America and joined by European allies. For example, the European Bank for Reconstruction and Development has 520 projects in Ukraine and will play an important ongoing role. Specifically, the government in Kyiv should investigate an equivalent to the Brady bonds. For Ukraine to benefit from similar relief, the U.S. Treasury and other key finance ministries should back new Brady bonds.

The World Bank management aims to have specific proposals to change its mission, operating model and financial capacity ready for approval by the joint World Bank and International Monetary Fund Development Committee in October, according to the document. A World Bank spokesman said that the document aimed to provide details on the scope, approach, and timetable for the evolution, with regular updates for shareholders and decisions later in the year. A U.S. Treasury spokesperson declined comment on the World Bank document. Development experts say this shift would greatly increase the amount of lending compared to the current capital structure, which only utilizes paid-in capital. "The challenges the world is facing call for a massive step up in the international community's support," the bank said in the document.

☆ Ukraine's Naftogaz says Russian attacks damaged 350 gas facilities
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

Companies NAK Naftohaz Ukrainy PAT FollowLONDON, Dec 7 (Reuters) - Recent Russian attacks on Ukraine have damaged 350 natural gas facilities in the country though production should be largely restored by year-end, Oleksiy Chernyshov, chief executive of Ukrainian state energy company Naftogaz said on Wednesday. Speaking at an event of the European Bank for Reconstruction and Development, Chernyshov said the loss of gas production capacity amounted to a value of around $700 million. "We all understand that the energy is another weapon...and we've been seriously attacked by Russian missiles in some part of our infrastructure and gas production infrastructure has been hit." Chernyshov, who was appointed in early November, said getting the firm out of default was another of his priorities. Naftogaz tipped into a messy default in July, becoming the first Ukrainian government entity to do so since the start of the Russian invasion on Feb. 24.

☆ EBRD to support $206 million in Ukraine investment via local banks
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 23 (Reuters) - The European Bank for Reconstruction and Development (EBRD) said on Wednesday it will help facilitate loans in Ukraine for key industries from agriculture to pharmaceuticals. The bank will issue risk-sharing instruments to local banks Credit Agricole Ukraine, ProCredit Bank, OTP Bank Ukraine and leasing company OTP Leasing aimed at backing up half of the risk of 200 million euros ($206.34 million) in new financing, according to an emailed statement from the bank. The EBRD will provide a 50-million euro guarantee to support the lending, which is also aimed at sectors such as food processing, transport and logistics and retail. "The bank's dedicated food security package envisages supporting 200 million euros of investment this year in Ukraine," the statement added. ($1 = 0.9693 euros)Reporting by Jorgelina do RosarioOur Standards: The Thomson Reuters Trust Principles.

☆ EBRD warns of rise in 'zombie' firms if pandemic measures continue
▼ + stars: | 2022-11-22 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +3 min

LONDON, Nov 22 (Reuters) - The European Bank for Reconstruction and Development urged governments in its region to rethink COVID-19 support measures for companies, warning that propping up "zombie" firms could have a knock-on effect on healthy businesses. However, ongoing support was no longer sustainable in a world of high interest rates, the EBRD said. Having zombie firms present in an economy creates negative spillovers for healthy firms, which see lower investment, revenue and employment, the EBRD warned. The problem is more present in economies dominated by government-run companies and banks, the EBRD found: 13% of state-owned enterprises in the 12-country sample used for the study could be classified as zombie firms, compared with 9% of privately-owned firms. The EBRD report also showed mixed progress on reforms by countries in six key areas, from competitiveness and resilience to the way they are governed.

☆ Norway to fund Ukraine gas procurement with $195 mln aid
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: 1 min

OSLO, Nov 21 (Reuters) - The Norwegian government on Monday said it had agreed to assist Ukraine with gas procurement for the coming winter, providing funding amounting to 2 billion Norwegian crowns ($195 million). The funds, part of a previously announced aid package of 10 billion crowns, will go via the European Bank for Reconstruction and Development (EBRD). "It is important to channel the support through an established, internationally recognised organisation, which will ensure effective and transparent use of the funding," Norway's Minister of Finance Trygve Slagsvold Vedum said in a statement. ($1 = 10.2652 Norwegian crowns)Reporting by Terje Solsvik, editing by Stine JacobsenOur Standards: The Thomson Reuters Trust Principles.

At the COP27 climate conference in Egypt, companies and country delegates are discussing ways of enhancing the market for green bonds, or bonds that are linked to projects deemed environmentally beneficial. POPULAR DESPITE THE 'GREENIUMS'Also known as "use of proceeds bonds," green bonds involve a company or government raising money for projects considered environmentally beneficial. SUSTAINABILITY-LINKED BONDSSustainability-linked bonds, or SLBs, comprise a newer and smaller market than green bonds. SOCIAL BONDS, SDG BONDS, AND MOREBeyond bonds focused on environmental outcomes, lie pools of money for related goals around social equity or fair living standards. Social impact bonds, or impact bonds, differ from social bonds in linking financial returns to the desired outcome.

☆ From Russia with cash: Georgia booms as Russians flee Putin's war
▼ + stars: | 2022-11-05 | by ( Jake Cordell | ) www.reuters.com time to read: +8 min

The European Bank for Reconstruction and Development (EBRD), for example, predicted in March the Ukraine conflict would deal a major blow to the Georgian economy. "On the contrary, we see the Georgian economy growing quite well this year, double digits." Business leaders also worry that the country could face a hard landing should the war end and Russians return home. TO GEORGIA WITH $1 BILLIONGeorgia itself fought a short war with Russia in 2008 over South Ossetia and Abkhazia, territories controlled by Russian-backed separatists. 'THE CRISIS COULD HIT'TBC's Butskhrikidze said he saw potential in the new arrivals to fill skills gaps in the Georgian economy.

Companies European Bank for Reconstruction and Development FollowLONDON, Oct 31 (Reuters) - The European Bank for Reconstruction and Development (EBRD) does not plan to sell off existing upstream oil and gas loans as part of plans to align its activities with the Paris Agreement on climate change, an executive said on Monday. Last year the bank said it would stop investing in upstream oil and gas projects, namely exploration and production, by the end of 2022 but did not specify whether this applied to new or existing investments. Harry Boyd-Carpenter, EBRD managing director, told an online briefing of journalists that the bank was not planning to divest existing upstream oil and gas loans. It is preferable to keep such loans overseen by the bank to ensure more rigorous oversight rather than sell to other entities, he said. "Some of the countries we operate in see gas as part of their energy security.

☆ World Bank disburses additional $500 mln to Ukraine
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 24 (Reuters) - The World Bank said on Monday it had disbursed an additional $500 million to help Ukraine meet urgent spending needs created by Russia's Feb. 24 invasion and the ongoing war. The financing by the International Bank for Reconstruction and Development, the bank's main lending arm, was supported by $500 million in loan guarantees from Britain that were announced on Sept. 30, the bank said. We stand firmly to support the Ukrainian people as they face this unparalleled crisis.”The World Bank has mobilized a total of $13 billion in emergency financing for Ukraine, of which $11.4 billion has been fully disbursed. Russia's invasion caused over $97 billion in direct damages to Ukraine through June 1, but it could cost nearly $350 billion to rebuild the country, the World Bank, Ukrainian government and the European Commission said in a report released in September. Register now for FREE unlimited access to Reuters.com RegisterReporting by Andrea Shalal; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ Ukraine external financing needs could reach $5 bln a month, IMF's Georgieva says
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

Oct 25 (Reuters) - Ukraine's external financing needs will be around $3 billion a month through 2023 in a best-case scenario, but could rise as high as $5 billion if Russian bombing becomes "even more dramatic," IMF Managing Director Kristalina Georgieva said. She said IMF staff had met with Ukrainian authorities in Vienna last week to discuss the country's financial needs and were working toward a fully-fledged IMF lending programme. Georgieva strongly endorsed Ukraine's calls for a mechanism to coordinate financial needs and support, a message echoed by Odile Renaud-Basso, president of the European Bank for Reconstruction and Development, and other speakers. We are going to be a part of the solution during this recovery phase," the IMF leader said. "And in a worst case scenario, if the bombing is even more dramatic ... it could go to $5 billion a month."

☆ World Bank cites overdue payments, puts loans to Belarus in 'nonperforming' status
▼ + stars: | 2022-10-18 | by ( Andrea Shalal | ) www.reuters.com time to read: +1 min

WASHINGTON, Oct 17 (Reuters) - The World Bank said on Monday it had placed all loans made by its main lending arm to Belarus into "nonperforming" status effective immediately, citing overdue payments amounting to $68.43 million. All International Bank for Reconstruction and Development (IBRD) loans to, or guaranteed by, Belarus were affected, the bank said. The bank stopped all programs in Belarus on March 2, and has not approved new lending to the country since May 2020. It said Belarus' outstanding principal of $967 million amounted to 0.42% of IBRD’s total outstanding loans. Being placed in nonperforming status results in a charge to income of about $12.75 million, it said.

☆ EBRD will invest more in Ukraine by end of 2022, president says
▼ + stars: | 2022-10-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEBRD will invest more in Ukraine by end of 2022, president saysOdile Renaud-Basso, president of the European Bank for Reconstruction and Development, said there's a need for additional investment in Ukraine to restore destroyed electricity and rail infrastructure.

Companies The World Bank Group FollowWASHINGTON, Oct 11 (Reuters) - World Bank President David Malpass defended the institution's commitment to tackling climate change on Tuesday, telling civil society groups that have criticized his leadership on the issue that the bank is focused on global warming. "We are clearly prioritizing climate," Malpass told a town hall held during the World Bank Group's annual meetings, responding to several questions about the World Bank's climate change work. The World Bank spent a record $31.7 billion on climate-related investments, exceeding its goal of dedicating 35% of its investments to climate co-benefits, he added. And we are working very hard at the World Bank to reduce greenhouse gas emissions throughout all of our tools and programs." "We have not lent a single dollar in the World Bank and IBRD (International Bank for Reconstruction and Development) directly to fossil fuels last year," Juergen Voegele, vice president of sustainable development at the World Bank, said in addressing that report's findings.

☆ Revival of lending activity and positive indices for Mobiasbanca-OTP Group S.A. in the third quarter
▼ + stars: | 2020-11-12 | by ( ) www.ipn.md time to read: +5 min

Revival of lending activity and positive indices for Mobiasbanca-OTP Group S.A. in the third quarterNovember 12, 2020The results of Mobiasbanca - OTP Group S.A. for the third quarter demonstrates the recovering ability of all activity segments, after the period of blockage in the first half of the year. Achievements of JSC “Mobiasbanca - OTP Group” in the third quarter of this year are also confirmed by a net profit of 83 million lei, despite the increase in the estimated reserves. The loan portfolio is growing by 14% (8% in Q3), due to a good lending of individuals and corporate clients. Operational performance registered an increase compared to the budget by 4.8%The cost / income indicator reached a positive value of 47.6% (47.2% in Q3) being below the estimated level. Third quarter was characterized by a revival in lending, due to individuals and mortgage lending.

Persons: Diósi, Mobiasbanca, – Organizations: OTP, S.A, JSC “, Bank, European Bank for Reconstruction, IPN Locations: Mobiasbanca

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