In 2023, the bank expects to increase investments in the Middle East and Africa, especially in Egypt.
The European Bank for Reconstruction and Development expects record losses in 2022, mainly due to losses from its portfolio assets in Russia and Belarus. Reuters reported this on January 19, citing EBRD President Odile Renaud-Basso.
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According to him, before the Russian war in Ukraine, the bank had about $1 billion in a portfolio dedicated to Russia and Belarus.
“We expect record losses after a record profit last year,” Renault-Basso said in an interview on the sidelines of the World Economic Forum in Davos.
The head of the EBRD noted that adverse market conditions and NPLs had a more limited impact on the EBRD’s losses than investments in assets in Russia and Belarus.
Earlier, the EBRD announced a record investment in 2022 of around €13.1 billion and is expected to continue investments aimed at ensuring food and energy security.
The bank, which operates in nearly 40 countries around the world, hopes to increase investment in the Middle East and Africa by 2023, especially in Egypt. He can make record investments in Tunisia.
Reno-Basso confirmed the bank’s commitment to send 3 billion euros to Ukraine by the end of this year, especially to help restore infrastructure. This would mean a disbursement of €1.3 billion in 2023, following a disbursement of €1.7 billion last year.
He also expects the bank’s expansion in sub-Saharan Africa and Iraq, which has been delayed by Russia’s war against Ukraine, to return to the agenda in 2023.
The World Bank sharply cut its forecasts for 2023
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.