EBRD held a 2021 EBRD Investment Council Conference “Building a Resilient and Sustainable Future: the Role of Investment Councils”

On 2-3 June 2021, EBRD held a 2021 EBRD Investment Council Conference “Building a Resilient and Sustainable Future: the Role of Investment Councils”.

EBRD’s Governance and Political Affairs team (GPA) leads the Bank’s work on strengthening economic governance - the rules and institutions that are crucial for the effective functioning of both the public and private sector - across its Countries of Operation (CoOs). This involves supporting governments to develop and implement transparent, predictable and business-friendly policies and initiatives that enable the private sector to grow and investment to thrive. One way in which GPA delivers its support is by promoting effective dialogue between government and private sector (Public-Private Dialogue) to identify and implement business support economic policy reforms and initiatives to help build inclusive, resilient and sustainable post-Covid economies, through its engagement with Investment Councils.

Currently, EBRD supports 11 Investment Councils (ICs) across Eastern Europe and Caucasus, Western Balkans, Central Asia and Southern and Eastern Mediterranean. They operate in Albania, Armenia, Georgia, Kosovo, the Kyrgyz Republic, Moldova, Montenegro, Tajikistan, Tunisia, Ukraine and Uzbekistan. The Investment Councils are funded with support from the EBRD Shareholders Special Fund, EBRD Multi-donor Account for Ukraine, the Swiss State Secretariat for Economic Affairs and the UK Good Governance Fund.

The EBRD supports the ICs through the IC Secretariats, which coordinate and facilitate the work of the ICs. They also provide economic and legal analysis and advice to support the work and deliberations of the Council and support reform efforts. In total, over 50 experts and staff are working across the 11 IC Secretariats.

As economies continue to grapple with the impact of Covid-19, this years’ Investment Council Conference focused on the role that EBRD-supported ICs are already playing and could play in building stronger, more resilient futures for the Bank’s CoOs and support their transition to greener, more inclusive and digital economies. This also reflects EBRD’s strategic priorities for the next few years.

The Investment Council Conference included discussion of such important issues as: Supporting Transition to a Green Economy; Promoting Equality of Opportunity; and Accelerating the Digital Transition.

Speakers of the event discussed how the Investment Councils and Public-Private-Dialogue can support a Green Economy Transition in EBRDs Countries of Operation, how the Public-Private-Dialogue can ensure more inclusive economic policies and a more sustainable and inclusive economic future and focus on the role of the ICs in supporting government digitalisation of key services to ease business and trade for investors and businesses.

Oleksandr Borniakov, the Deputy Minister of Digital Transformation of Ukraine updated the Conference participants  on latest digitalisation developments in Ukraine. Striving to improve its standing on a global investment radar, as well as become more attractive domestically, Ukraine has developed a number of efficient solutions, including Diia City. The latter serves as a legal and tax regime that would operate on a digital platform. It is expected to incentivise deal-making in the country and secure more investor-friendly environment.   

“Since we know that IT in Ukraine has a huge untapped potential, for a long time, we have been looking for solutions on how to fully unleash it. We wondered how to increase the share of the IT industry in the country’s GDP, boost jobs, help Ukrainian companies develop, and attract investors and partners from the West. This is how we came up with  an idea to create Diia City. From the very beginning, the Office of the National Investment Council of Ukraine has been heavily involved in the development and realisation of this initiative. The Ministry of Digital Transformation highly appreciates the assistance delivered by the ONIC’s team," said Mr. Borniakov.

© 2020 Office of the National Investment Council of Ukraine