European Bank for Reconstruction and Development unveils €1 billion emergency coronavirus financing package
March 16, 2020
The European Bank for Reconstruction and Development (EBRD) has unveiled an emergency €1 billion “Solidarity Package” of measures to help companies across its regions deal with the impact of the coronavirus pandemic. This is an initial response to the crisis and the Bank stands ready to do more if and when needed.
Under the emergency programme, the EBRD will set up a “resilience framework” to provide financing for existing EBRD clients with strong business fundamentals experiencing temporary credit difficulties. The planned measures will include an expansion of trade finance and the provision of short-term finance of up to two years through financial institutions, specifically in support of small and medium sized enterprises.
The Bank will seek to provide short-term working capital facilities of up to two years for other corporates and energy developers and balance sheet restructuring and short term liquidity support for municipal, energy and infrastructure clients.
It will assess the need to restructure existing loans, including the possibility of extending maturities and changing other conditions and use its ability to disburse in local currency, including the possible conversion of existing facilities into local currency.