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The Latest Breaking News from EBRD

Oil price drops, and BP and Shell shares slide, as Saudi Arabia ‘prepares to abandon $100 crude target’ – as it happened

Saudi Arabia is reportedly ready to abandon its unofficial price target of $100 a barrel for crude as it prepares to increase output

The Guardian - UK

Former Tory minister Therese Coffey applied for job in Labour government

Liz Truss ally applied to for job advertised by the Treasury, but was rejected from role

The Independent UK

Thérèse Coffey was turned down for Labour Treasury job

UK director of European development bank reports to Rachel Reeves, who has been critical of previous government

The Guardian - UK

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Russia-Ukraine war: Blinken announces $2bn in aid as Russia claims to have taken more settlements – as it happened

US secretary of state says ammunition, armoured vehicles and missiles will be rushed to frontline as Moscow says it has captured more territory

The Guardian - UK

Intensifying war increasing threat to Ukraine economy, EBRD warns

European Bank for Reconstruction and Development cuts growth forecasts for regions it operates in, saying war ‘casting long shadow’

The Guardian - UK

The EBRD's chief economist wants business leaders to push back against 'the dangers of economic fragmentation'

In 2015, just 5% of critical raw materials were subject to trade restrictions. It's 30% now.

Fortune

New EBRD report shows contrasting fates of former Eastern bloc economies

The European Bank for Reconstruction and Development (EBRD), founded to help build up market economies in the wake of the fall of the Soviet Union, has issued a new growth forecast for the region. It predicts that Ukraine will see its GDP increase by 3 percent in 2024. Speaking to…

France 24

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EU to step up support for Moldova at summit in face of threat from Russia

Meeting of European Political Community in Chișinău will bolster existing aid by opening civilian mission staffed by up to 50 officials

The Guardian - UK

EBRD pledges more support for Ukraine with capital boost

At a meeting in Russia's former Central Asian backyard, the European Bank for Reconstruction and Development on Thursday pledged further support for war-torn Ukraine with plans to increase its capital by 3 billion-5 billion euros.

Reuters

European Commission Inaction Is Putting The EU’s Insurance Market At Risk

The Romanian Financial Supervisor Authority announced its bankruptcy proceedings against City Insurance SA.

Zenger

King Charles says he is determined to return to Ukraine ‘before I get too old’

The monarch was speaking as he officially opened the new European Bank for Reconstruction and Development Headquarters

Evening Standard

King speaks of desire to visit Ukraine at opening of EBRD headquarters

Charles was presented with a painting of the country’s golden fields and blue sky at the European Bank for Reconstruction and Development in London.

The Independent UK

Has Russia's economy withstood Western sanctions?

Vladimir Putin claims the Russian economy has withstood Western sanctions, as he prepares to mark one year since the invasion of Ukraine. While Russia's GDP has contracted less than many analysts expected, Beata Javorcik of the EBRD explains that's largely the result of years of "sanctions-proofing", and doesn't mean that…

France 24

Türkiye Earthquake Could Result in Loss of Up to 1% of Country's GDP in 2023

The potential economic effects of the earthquake in Türkiye could result in a loss of up to 1% of the country's gross domestic product this year, the European Bank for Reconstruction and Development (EBRD) said in a report published on Thursday.

Asharq Al-Awsat

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France 24

Earthquakes could trigger loss of up to 1% of Turkish GDP in 2023, says report

The February 6 earthquakes that killed more than 40,000 people in Turkey and Syria could result in a loss of up to 1% of the Turkish gross domestic product (GDP), said an economic report published on Thursday. It came amid uncertainties over a possible delay of general elections, set for…

The Guardian - UK

Michaela Bergman obituary

Other lives: Public servant who brought great energy to many projects round the world

The Guardian - UK

Ukraine urges world leaders to intensify war efforts on first day at Davos

At World Economic Forum, country’s officials ask allies to step up military supplies to defeat Russia

Reuters

From Russia with cash: Georgia booms as Russians flee Putin's war

As war chokes Europe, a small nation wedged beneath Russia is enjoying an unexpected economic boom.

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Asharq Al-Awsat

EBRD to Help Fund Transition from Gas to Wind Power in Egypt

The European Bank for Reconstruction and Development (EBRD) will help finance the decommissioning of 5GW of inefficient gas-fired power plants in Egypt from 2023 while pledging up to $1 billion for renewables, its regional director said on Sunday. EBRD would raise up to $300 million in sovereign financing for projects…

France 24

Davos 2022: EBRD chief warns of risk of 'food crisis' amid war in Ukraine

Our Business Editor Kate Moody has been speaking to the head of the European Bank for Reconstruction and Development (EBRD) at the World Economic Forum in Davos. EBRD head Odile Renaud-Basso explained how the institution, which was already present in Ukraine before the Russian invasion, has been "shifting" its support…

Reuters

EBRD prepares to raise more funds to rebuild Ukraine

The European Bank for Reconstruction and Development (EBRD) said it is preparing to raise additional funds for the reconstruction of Ukraine after Russia's invasion, after pledging to spend 1 billion euros in the country in 2022.

Reuters

EBRD receives donor pledges to ramp up Ukraine investments

The European Bank for Reconstruction and Development (EBRD) said on Thursday it expected to ramp up investments in Ukraine and surrounding countries after donors indicated pledges of almost 1 billion euros ($1.04 billion).

Al Jazeera

Russia’s economy projected to shrink by 10%; Ukraine’s by 20%

The European Bank for Reconstruction and Development says war has triggered ‘greatest supply shock’ in 50 years.

Asharq Al-Awsat

EBRD: War to Hammer Russia, Ukraine Economies this Year

The economies of Russia and Ukraine will contract by 10 percent and 20 percent respectively this year as the war between the two countries causes "the greatest supply shock" for 50 years, the European development bank, EBRD, said on Thursday. Before Russia invaded its pro-Western neighbor on February 24, the…

Asharq Al-Awsat

EBRD: Ukraine War Sparking Turmoil for World Economy

The Ukraine war has major economic consequences for energy, food, inflation and poverty, according to the European Bank for Reconstruction and Development. The EBRD's chief economist, Beata Javorcik, spoke to AFP about the fallout from Russia's invasion of Ukraine, from where more than three million refugees have fled so far.…

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