Central Bank Governor addresses EBRD plenary in Marrakech

The Governor of the Central Bank of Malta, Professor Edward Scicluna, addressed the plenary session of the European Bank for Reconstruction and Development (EBRD) during its 31^st Annual Meeting held on 10-12 May 2022 in Marrakech, Morocco.

This key event in the yearly cycle of the institution includes the Plenary Session of the Board of Governors (the EBRD’s highest decision-making body), together with several additional events organised under the Business Forum.

During this year’s annual meeting, Governor Scicluna was accompanied by Deputy Governor Alexander Demarco.

Established in 1991, the EBRD is an institution dedicated to promoting the transition towards a sustainable economy and the emergence of a strong private sector. Its 71 shareholders include member states, the European Union and the European Investment Bank. Malta is a founding member of the EBRD.

The 2022 EBRD Annual Meeting was dominated by the war in Ukraine and the tragic realities endured by civilians. To this end, the EBRD and its members expressed their support and discussed several initiatives to help in the reconstruction of the country, including the approval of a €2 billion resilience package in support of Ukraine.

During the meeting of the Board of Governors, several resolutions were approved including the EBRD response to the War on Ukraine, additional guidance on a limited and incremental expansion of the activities of the institution to Sub-Saharan Africa and Iraq, and several financial and institutional reports.

Governor Scicluna expressed his sympathy and solidarity with the Ukrainian people and reflected on the challenges that this tragic reality has brought about. As a Mediterranean Member State, Professor Scicluna acknowledged the EBRD’s continued work on the incremental expansion to new countries of operation in the Maghreb region. Scicluna welcomed the addition of two new Bank members namely Algeria and the United Arab Emirates.

On the fringes of the meeting Professor Scicluna met with a number of EBRD officials including the President Ms Odile Renaud-Basso, EBRD Secretary General, Mr Kazuhiko Koguchi and various other Bank governors, with whom Governor Scicluna had the opportunity to give the country’s outlook on development in the southern Mediterranean region.