Janet Yellen Secretary of the Treasury | Twitter Website
On behalf of U.S. Treasury Secretary Janet Yellen, I would like to thank the Government and people of Armenia for generously hosting the 2024 EBRD Annual Meetings of the Board of Governors. President Odile Renaud-Basso has steered the EBRD successfully over the past year through successful capital increase negotiations—on the heels of the Bank’s first-mover, quick and effective support to Ukraine—and the historic resolution on the Bank’s incremental expansion to sub-Saharan Africa and Iraq.
This past year is emblematic of President Renaud-Basso’s leadership, resolve, and consensus building throughout her first term. The United States is proud to support her reelection as President of the EBRD for the next four years. I would also like to recognize and note our deep appreciation for the EBRD staff for their commitment and tireless work to support economic transition in the EBRD’s countries of operation and steadfastness in the face of crises.
As we gather here, Russia’s invasion of Ukraine continues to generate negative economic spillovers and undermine our work to promote sound and sustainable development. The EBRD has been an essential partner in supporting Ukraine’s economy in the face of continued Russian aggression. We recognize that the capital increase enables an ambitious plan to support Ukraine over the long term, through war and reconstruction.
Strategic Direction of the Bank
The capital increase also includes robust policy commitments that we must now put into action as we develop the next five-year strategic plan for the EBRD, Strategic and Capital Framework 2026-2030 (SCF). The new SCF lands in a pivotal global conversation on MDB evolution. With its private sector focus and experience, the EBRD brings a unique perspective to MDB evolution, finding innovative ways that private sector engagement coupled with smart policy reforms can address regional and global challenges such as climate change, conflict, and fragility.
The SCF should intensify delivery on its core transition mandate, including redoubling efforts in its least advanced transition countries. It should guide how once again, expertise will be brought to bear in new member countries while supporting more advanced transition countries as they continue their journey towards graduation from MDB financing by drawing more fully on domestic resources and capital markets.
The United States warmly welcomes new members Benin and Iraq into the EBRD family; looks forward to welcoming Côte d’Ivoire and Senegal; strongly supports approving memberships for Kenya and Nigeria; urges Management collaboration with experienced development actors; focuses on impactful areas; continuously learns from experiences; encourages all shareholders' acceptance by end-2024 amendment Article 1 Agreement Establishing Bank implementation envisioned by Governors.
Strategic Priorities: Private Capital Mobilization & Green Transition
We support economic governance, green transition inclusion as strategic themes SCF achieving stronger outcomes underpinned progress cross-cutting enablers private capital mobilization digitalization. The EBRD leads private capital mobilization setting publishing targets few MDBs do spirit MDB evolution encourage close work other MDBs system better leverage engagement market regulatory reforms greater project preparation knowledge sharing want see all expand instruments tools enhance incentives raise meet global development challenges including climate change where likewise leader.
We welcome inaugural approach nature strongly support mainstreaming biodiversity sectors upcoming Green Finance Strategy platform raising ambition greater green investment adaptation nature biodiversity.
Value Proposition Borrowers
MDB evolution agenda improving value proposition borrowers procurement look forward review policies underscore importance delivering value money outcomes encourage consider improving industry engagement increased outreach generating bids especially qualified service providers diverse countries key advantage safeguards transparency accountability leader welcome reviews Environmental Social Policy Access Information Policy underway note Independent Project Accountability Mechanism considered processes good time comprehensively exit investments responsibly framework remedial action communities project harms occur respect gender diversity congratulate Management 2023 results record 44% share Gender SMART investments record 30% promoting equality opportunity set example clients countries operation welcome Board initiative join peer Boards sister IFIs transparent own diversity first report Diversity Inclusion recognize responsibility shareholders set tone institution leadership top includes not limited gender look forward updates annually.
Conclusion
We have our work cut out exciting opportunities lie ahead institution foundation built principles democracy building market economies U.S. Treasury Secretary Janet Yellen recently said “democracy critical building sustaining strong economy.” Geographic expansion transition mandate international character enhancing reputation important player world stage United States stands firmly supports mission bedrock sustainable inclusive resilient market-driven development serving countries promote multiparty democracy.
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