March 13, 2020 / 6:28 PM / in 2 months

EBRD approves 1 bln euro coronavirus support package

LONDON, March 13 (Reuters) - The European Bank for Reconstruction and Development (EBRD) said on Friday its shareholders had approved a 1 billion euro package of measures to help companies across its region to mitigate the economic hit from the coronavirus spread.

The measures including emergency liquidity, working capital and trade finance will be provided to its existing clients affected by the crisis, the bank said in a statement.

“This is a first step,” the EBRD said in a statement. “The Bank stands ready to further scale up its response, and is taking active and urgent steps to review, adjust and expand its financing instruments, in partnership with its countries of operations, partner IFIs and the international community.”

Majority owned by G7 top economic powers, the EBRD invests in 38 economies including central and eastern Europe as well as Egypt, Tunisia and Morocco in Africa. (Reporting by Karin Strohecker Editing by Chizu Nomiyama)

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