The European Bank for Reconstruction and Development (EBRD) on Thursday unveiled 5 billion euros ($5.9 billion) to help shore up economies hit by the fallout of the Iran war.
In a statement, the EBRD said it will "deploy EUR5 billion in 2026 in economies impacted by Middle East conflict."
The funds would be focused on Iraq, Jordan, Lebanon, the West Bank and Gaza "and affected neighboring economies," including Egypt, Türkiye, Armenia and Azerbaijan, the bank said.
"The economic and social impact of the conflict is already being felt across many of the bank's economies in the form of disrupted trade routes, energy and commodity shocks, weakened investor confidence and broader costs to the population," 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.
"In a time of rising uncertainty, we are stepping up where others may pull back," said EBRD President Odile Renaud-Basso.
"We are here to support economies, clients and people in our countries of operation in tough times," she added.
The bank said "the volume of conflict response investment will be demand driven due to the fast-changing nature of the situation."
The funds will provide immediate relief "by supporting economic activity" and "fostering financial sector stabilization."
EBRD will aim to strengthen energy security and aid state-owned enterprises to "ensure the uninterrupted provision of essential goods and services."
On Thursday, it had approved "a project to support Lebanon's retail chain," it said, adding it also aimed to safeguard access to jobs, finance and essential services.
