(L-R): Pierre Gramegna, Minister of Finance; Imad Fakhoury, Chair of the EBRD Board of Governors;
From Tuesday 8 to Thursday 10 May 2018, Luxembourg's Minister of Finance, Pierre Gramegna, was in Jordan attending the 27th Annual General Meeting of the European Bank for Reconstruction and Development (EBRD); this was the first annual meeting in the Bank's new region of activity, the Southern and Eastern Mediterranean.
The EBRD was founded in 1991 to facilitate the transition to a market economy in the countries of Central and Eastern Europe and to support their march towards democracy. Following the Arab Spring, the Bank decided to extend its mandate to include some countries in North Africa and the Middle East, including Jordan. The EBRD is currently owned by 66 countries, the European Union and the European Investment Bank; Luxembourg is today the largest donor per capita. In 2017, Minister Gramegna chaired, as Chairman of the Board of Governors, the Annual General Meeting held in Nicosia.
Minister Gramegna commented "The EBRD continues to play a key role in economic development and political stability worldwide, while promoting the transition to a green economy. Thus, in 2017, the EBRD invested nearly €10 billion in 412 projects. Green financing already accounts for 43% of the Bank's total investments, exceeding its target of 40% of all investments in 2020".
The general meeting adopted in particular the financial statements and the bank's annual report for 2017, as well as the implementation plan for the 2018-2020 strategy. It also provided an opportunity for an exchange of views on the future positioning of the Bank, including a possible geographical expansion of its activities, in the context of the ongoing discussions on the new international architecture for financing development.
On the sidelines of the General Assembly, Minister Gramegna met with his Jordanian counterpart, Finance Minister Omar Malhas, to discuss the implementation of a Double Taxation Convention with the aim of making further progress in bilateral cooperation.
Minister Gramegna also had a meeting with Jordanian Minister of Planning and current Chairman of the Board of Governors, Imad Fakhoury, to discuss the situation in Jordan, whose economy has been severely affected by the conflicts neighbouring countries, Iraq and Syria.
Minister Gramegna also took advantage of his stay in Jordan to visit the headquarters of a Jordan online loan platform. The LIWWA platform is one of the beneficiaries of the Badia Impact Fund's investments. This venture capital fund, supported by the EIB and the EBRD, invests in innovative start-ups in Jordan. This project is in line with Luxembourg's support for the Economic Resilience Initiative set up by the EIB to finance more projects in Jordan and neighbouring countries.
Finally, the Minister participated in an economic lunch with Jordanian entrepreneurs, organised by the Belgian Ambassador to Jordan, on the occasion of the economic mission of the Luxembourg Chamber of Commerce in the region.
