On 22 November, the first ever Eastern Partnership (EaP) Investment Summit took place in London. The event was organized by the European Bank for Development and Reconstruction (EBRD). Event attendees included the Armenian President Armen Sarkissian, Prime Minister of Azerbaijan, Ali Asadov; Prime Minister of Belarus, Sergei Roumas; Prime Minister of Moldova, Ion Chicu; Prime Minister of Ukraine, Oleksiy Honcharuk; Maya Tskitishvili, Vice Prime Minister, Minister of Regional Development and Infrastructure and EU Commissioner Johannes Hahn. 

At the opening ceremony the EBRD President Suma Chakrabarti greeted the guests. “The six countries which are members of the Eastern Partnership initiative are very diverse. Combined, these six countries have a population of about 80 million people, almost the same as Germany, but they range from Armenia’s three million to Ukraine’s nearly 45 million. They are also diverse in economic composition and political structure, and in geopolitical and trade orientation.  We at the EBRD always say that we are friends for the long term. We look at the bigger picture, rather than short-term developments. And the bigger picture is: the Eastern Partnership region is rich in promise for investors,“ he said.

Chakrabarti highlighted that “Georgia [has] established a track record for reforms over the last 15 years“, that Armenia “has undergone momentous political change and taken resolute steps in the fight against corruption and together with Georgia, it enjoys some of the highest economic growth in all the EBRD regions“, while Azerbaijan “is working on policies to diversify away from the oil and gas sector.”

Chakrabarti highlighted good governance and the rule of law, economic and human capital, and the environmental policies as the main driving factors to secure more investments in the region. “One advantage of a highly skilled civil service is that investment projects are not only signed but procured with the highest standards and, where possible, with the involvement of the private sector. Private sector firms can also significantly improve their performance by improving corporate governance… [W]e can help strengthen [judicial capacity] in the area of commercial law, for example in areas such as insolvency and property rights, and assist in setting up business ombudsman institutions,” he said in regard to the first policy area.

“Companies need better access to financing: not just through banks, but non-bank institutions as well; not only through debt, but equity; not just in euros or US dollars, but also in [the] local currency. To boost exports, firms need stronger regulatory frameworks for quality assurance, plus more efficient infrastructure such as laboratories, and business advice,” he said in regard to the second policy area. 

“We can create new financing models for renewable energy and energy efficiency in residential housing, for greener solid waste management and public transport. Mining should be made more sustainable, and energy sectors more competitive. I am proud to announce that, very soon, - in the coming days in fact, - Commissioner Hahn and I will sign an [innovation] agreement. It will be our first agreement under the European Fund for Sustainable Development, guaranteeing 50 million euros to scale up renewable energy investments in the region. For the first time ever, the EBRD’s private sector clients in the Eastern Partnership countries will be able to obtain EU guarantees,” he announced.

Johannes Hahn spoke on the EU preferences in the region. “In the last 10 years, the EU has been investing in the economy, interconnections and, most importantly, in people from across the six countries. Looking ahead at the future of the Eastern Partnership, together we should build on these successes and seize the opportunities that proximity to Europe, green technology and digital transition provide,” he said.

The conference was organized in more panels. The main discussion with the political leaders of the Eastern Partnership focused on the role that the state can play in attracting private investment. A separate panel provided the conference with the “EU perspective and offer to the Eastern Partnership region” while another gave the floor to investors who spoke about their experiences of the investment climate in these countries and outlined further steps that should be taken to increase the flow of investment. Also during the event bilateral meetings were held amongst the EaP, EU and EBRD representatives. 

The EBRD is the largest institutional investor in the Eastern Partnership region and is committed to supporting the development of the private sector and improving the investment climate. Since the start of the Bank’s operations, the EBRD has invested in excess of €26 billion in more than 1,200 projects across the six countries.