European Bank for Reconstruction and Development (EBRD) has announced an emergency €1 billion “solidarity package” of measures to help its existing clients deal with the impact of the coronavirus pandemic. Based in London, the bank invests in the private sector of 38 emerging economies, from central Europe to central Asia plus the southeastern Mediterranean region. In a press release, ERBD said the package is a “resilience framework”, which will “provide financing for existing EBRD clients with strong business fundamentals experiencing temporary credit difficulties.” The new measures include emergency liquidity, working capital and trade finance with the possibility of restructuring existing loans. Specifically, the plan includes an expansion of trade finance and the provision of short-term finance of up to two years through financial institutions, especially in support of small and medium-sized enterprises, plus other corporates and energy developers. The “solidarity package” also proposes balance sheet restructuring and short term liquidity support for municipal, energy and infrastructure clients. Commenting on the bank’s response to the global health crisis, EBRD President Sir Suma Chakrabarti said: “This is a first step. The bank stands ready to further scale up its response, and is taking active and urgent steps to review, adjust and expand its financing instruments, in partnership with its countries of operations, partner IFIs and the international community.” Founded in 1991 in an effort to build up post-Cold War economies, EBRD is owned by 71 shareholders: the European Union, the European Investment Bank, and 69 countries. In 2019 the bank invested €10.1 billion, its highest total amount in one year.