EBRD raises support for companies amid coronavirus

By Gokhan Ergocun

ISTANBUL (AA) - The European Bank for Reconstruction and Development (EBRD) on Thursday said it aims to accelerate its support for companies against the coronavirus pandemic.

The EBRD, active in 38 emerging economies with its investments, is planning to announce a package of measures, the bank said in a statement.

The bank's movement is expected to create a “resilience framework” for existing clients by providing emergency short-term liquidity, working capital and trade finance.

Noting that companies suffered from the effects of the pandemic, it said: "The response will put a premium on providing a rapid response to the needs of companies."

"This new package of emergency measures comes as the EBRD is already pledging strong support generally for its existing countries of operations and follows a record level of investment of €10.1 billion [$11.36 billion] in 2019," it added.

The EBRD's economists forecasted that economic outlook will be affected right across the bank's region, which is integrated into global supply chains.

"The recent slump in oil prices will also have an impact on oil producing countries in the EBRD regions and the flow of remittances from workers back to their home countries is also expected to slow," it added.