Mubasher: The European Bank for Reconstruction and Development (EBRD) has reported a record lending of EUR 9.7 billion in 2017, compared to EUR 9.4 billion in 2016.

The EBRD has once again shrugged off the impact of a financing freeze to Russia, formerly its largest investment destination, as reported by the Financial Times on Wednesday.

The number of individual projects financed by the institution in 2017 also rose to a record 412 last year, from 378 in 2016.

EBRD is expecting strong profits after the stronf performance in 2017.

Turkey was the biggest recipient of the finances, with EUR 1.54 billion, down from EUR 1.92 billion in 2016.

Financing to Egypt, which only became an EBRD recipient country in 2015, almost doubled to EUR 1.41 billion, to make it the EBRD’s second largest investment destination, especially with the recent investments in the country’s renewable energy projects.

Ukraine came in third with EUR 581 million, followed by Poland and Greece.

Financing for the green economy rose by 43% from EUR 2.8 billion to EUR 4.1 billion.