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 "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 in a statement.
"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.
Since starting operations in the southern and eastern Mediterranean in 2012, the EBRD has invested more than EUR26.5 billion in 489 projects in the region.
In Türkiye alone, the lender has committed more than 23 billion euros since 2009.
