Delivered by:
The President of the EBRD, Odile Renaud-Basso
Place:
Event:
Western Balkans Investment Summit 2022
Prime ministers, commissioners, representatives of the business world, ladies and gentlemen…
It is truly a great pleasure for me to open the fifth Western Balkans Investment Summit, my first as President of the EBRD.
Today we are of course focusing on the Western Balkans.
But as we meet here in London, I would just like to say a few words about what is happening in another EBRD region and what concerns us.
The EBRD stands alongside Ukraine.
We have done our position clear early Thursday morning.
We condemned the invasion….
And we underlined our strong commitment to the development of Ukraine as a modern and democratic nation….
And our unwavering support for the Ukrainian authorities.
Since Thursday, we have been even more shocked and dismayed by the development of the situation.
We condemn the invasion of Ukraine and express our deepest sympathy to those who are grieving the loss of loved ones or who are simply drawn into this terrible tragedy.
In times like this, unity is essential.
And we stand alongside the international community It is support for the country.
Let us now focus on today’s issue, namely the Western Balkans, where the EBRD plays a key role through our financing, our political engagement and, last but not least, by hosting this series of summits.
The first, in this same auditorium – in the presence of all the regional Prime Ministers – took place eight years ago.
It has since become a biannual event aimed at discussing regional integration and promoting the Western Balkans as an attractive investment destination.
Now more than ever, regional integration and cooperation are necessary to maintain the region’s stability.
We all know the challenges that the Western Balkans region faces.
One of them is the difficult legacy of the past.
Today we must face the consequences of the pandemic and geopolitical uncertainty.
And there is much to be done to improve the business environment in the region.
But the participation of the six leaders in this event sends a very powerful message to the rest of the world about the importance they attach to regional cooperation and their place in Europe.
Let’s all listen very carefully to what the prime ministers have to say. I am convinced that convergence will be a major theme.
Regional cooperation is vital for the economic prospects and political stability of the Western Balkans.
The EBRD is a strong supporter of such cooperation.
And we are committed to continuing to do so within Team Europe.
The EU, the EIB and other IFIs will find in the EBRD a very reliable partner in the implementation of the economic and investment plan for this region.
Let me add that the EU is our key partner here…
Not least because it is the main external anchor for the reforms that the region needs – and which are at the heart of the EBRD’s unique mandate.
We are therefore honored to have the opportunity today to hear from the European Commissioner for Neighborhood and Enlargement, Oliver Varhelyi, our long-time partner.
Beyond our role as champion of regional cooperation, we are committed to supporting the economies of the Western Balkans.
We have invested more than €15 billion in total in the region so far.
And we continue to invest more than a billion euros in it every year – more than any other MDB.
We work with the public and private sectors. But we pay particular attention to the latter, particularly through support for SMEs.
Alongside our partner the EIB, we will continue to support cross-border infrastructure projects that improve trade, competitiveness and export growth opportunities.
Allow me to share with you my vision of our priorities in the Western Balkans for the years to come.
First, political reform and good governance. Like supporting the private sector, this is at the heart of our mandate.
Revitalizing growth and mobilizing more investment in the region depends on accelerating structural reforms, improving the business environment and – as we are addressing investors today – strengthening their confidence, which also involves the rule of law.
We have therefore always combined our investment with concrete political commitment.
This commitment is adapted to each country. But some policy initiatives will only succeed if they are pursued across the region.
For example, the regional business register portal – BIFIDEX – launched at the previous Western Balkans Summit is now operational and contains data on more than 1.5 million companies and as many natural persons registered in the region.
This is a major service for future investors in the Western Balkans.
The second priority is progressing on three themes that will be of the highest priority for the future of the region.
The first is the green transition.
Climate change is the greatest global challenge we face.
I firmly believe that we must do everything we can to help our countries and our customers become greener.
We promised our shareholders that by 2025, the majority of EBRD projects would be in the area of transition to a green economy.
Last year, we committed 5.4 billion euros to green investments, or more than 50 percent of our annual business volume.
Decarbonization is essential for the Western Balkans.
Every government should have as its number one priority a plan to phase out coal, affordably and without compromising energy security.
Through our presence across the economy and our collaboration with private investors, we will also help deliver renewable energy and a just transition which will be key to success.
We work across the region to help countries implement renewable energy auctions.
The first auctions have already produced the cheapest solar power ever seen in the region, and we are expanding our support to cover more countries and greater capacity.
Our historic Green Cities program strives to build a better, more sustainable future for our urban spaces.
I am very happy to announce that around a fifth of the cities that have signed up are in the Western Balkans.
The two other main priorities of the Bank in all our regions, and in particular in the Western Balkans, are Digital And Equal Opportunities.
When it comes to digital, we want the EBRD to be the partner of choice for our government and private sector clients to lay the foundations for a digital economy.
To do this, we will engage in policy dialogue, capacity building and the deployment of broadband infrastructure; and invest in the digitalization of the private sector, including SMEs.
Growth should benefit everyone, leaving no group behind.
Our Women in Business program has provided over 4,000 secondary loans to women-led SMEs operating in the region.
We are now applying the success of our Women in Business program to young people in the region.
This year, we will launch a Youth in Business program, aimed at promoting youth entrepreneurship and strengthening their role in local economies.
The great investment potential of the region is visible to all.
It benefits from a stable macroeconomic climate, a favorable tax regime, a competitive workforce and prospects for integration into the European Union, itself a key stabilizing factor.
Its population is well educated, young, highly qualified and among them are many talented entrepreneurs.
I think the Western Balkans are well placed to advance structural reforms…
And leverage global trends to ensure the region is more globally competitive and growth is more sustainable.
The Prime Ministers and I will have much to discuss later in our bilateral meetings.
And I’m really looking forward to visiting each of their countries in the near future.
Ladies and gentlemen, for many years the EBRD has been leading the way in investing in the Western Balkans.
We will continue to create the climate and conditions in which we and others can engage even more.
This summit is a new opportunity for us, together, to highlight the many assets of the region……
And invite investors from around the world to join us in realizing its potential.
Thank you so much.