LONDON: The European development bank said Thursday it was unlocking five billion euros ($5.9 bn) to help shore up economies hit by the Middle East war. The European Bank for Reconstruction and Development (EBRD) said it will &quot;deploy &euro;5 billion in 2026 in economies impacted by Middle East conflict&quot;. The funds would be focused on Iraq, Jordan, Lebanon, the West Bank and Gaza &quot;and affected neighbouring economies&quot; including Egypt, Turkey, Armenia and Azerbaijan, the bank said in a statement. &quot;The economic and social impact of the conflict is already being felt across many of the bank&#39;s economies&nbsp;in the form of disrupted trade routes, energy and commodity shocks, weakened investor confidence and broader costs to the population,&quot; it added. Established in 1991 to help former Soviet bloc nations embrace free-market economies, the bank later extended its reach to the Middle East and Africa. &quot;In a time of rising uncertainty, we are stepping up where others may pull back,&quot; said EBRD president Odile Renaud Basso. &quot;We are here to support economies, clients and people in our countries of operation in tough times,&quot; she added. The bank said &quot;the volume of conflict response investment will be demand driven due to the fast-changing nature of the situation&quot;. The funds will provide immediate relief &quot;by supporting economic activity&quot; and &quot;fostering financial sector stabilisation&quot;. EBRD will aim to strengthen energy security and aid state‑owned enterprises to &quot;ensure the uninterrupted provision of essential goods and services&quot;. On Thursday it had approved &quot;a project to support Lebanon&#39;s retail chain,&quot; it said, adding it also aimed to safeguard access to jobs, finance and essential services.&nbsp;

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The European development bank said Thursday it was unlocking five billion euros ($5.9 bn) to help shore up economies hit by the Middle East war.

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European development bank unveils 5bn euros for war-hit economies

European development bank unveils 5bn euros for war-hit economies