The European Bank for Reconstruction and Development (EBRD) will deploy 5 billion euros by 2026 to aid economies affected by the Middle East conflict. The funds will focus on countries including Iraq, Jordan, Lebanon, the West Bank and Gaza, as well as affected neighboring economies such as Egypt, Turkey, Armenia, and Azerbaijan. The funding aims to mitigate economic disruptions, strengthen energy security, and provide essential support to the population.
The European Bank for Reconstruction and Development established to help former Soviet bloc nations transition to free-market economies, later expanded its reach to the Middle East and Africa. LONDON: The European development bank said Thursday it was unlocking five billion euros to help shore up economies hit by the Middle East war.
The European Bank for Reconstruction and Development said it will 'deploy 5 billion euros in 2026 in economies impacted by Middle East conflict'. The funds would be focused on Iraq, Jordan, Lebanon, the West Bank and Gaza 'and affected neighbouring economies' including Egypt, Turkey, Armenia and Azerbaijan, the bank said in a statement. 'The economic and social impact of the conflict is already being felt across many of the bank's economies in the form of disrupted trade routes, energy and commodity shocks, weakened investor confidence and broader costs to the population,' it added. Established in 1991 to help former Soviet bloc nations embrace free-market economies, the bank later extended its reach to the Middle East and Africa. 'In a time of rising uncertainty, we are stepping up where others may pull back,' said EBRD president Odile Renaud Basso. 'We are here to support economies, clients and people in our countries of operation in tough times,' she added. The bank said 'the volume of conflict response investment will be demand driven due to the fast-changing nature of the situation'. The funds will provide immediate relief 'by supporting economic activity' and 'fostering financial sector stabilisation'. EBRD will aim to strengthen energy security and aid state‑owned enterprises to 'ensure the uninterrupted provision of essential goods and services'. On Thursday it had approved 'a project to support Lebanon's retail chain,' it said, adding it also aimed to safeguard access to jobs, finance and essential services.
EBRD Middle East Conflict Economic Aid Investment
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