Digitalization and skills development Of global participants, 37% identified workforce development as a top government priority, emphasizing that closing skills gaps is essential to building a future-ready workforce. The Pulse Check Survey revealed that 53% of participants cited skills shortages, talent constraints and regulatory challenges as the primary obstacles to achieving digital and technological resilience. One survey respondent noted: “The primary obstacle to achieving digital and technological resilience lies in the transition phase, where we must ensure that every relevant individual is adequately trained.” MDBs can bridge capability gaps by financing digital infrastructure, innovation ecosystems and upskilling programmes that help firms adopt new technologies. Through technical cooperation and knowledge sharing, they can also promote cybersecurity standards and support regulatory frameworks that balance innovation with risk management. The financing gap Access to affordable and long-term financing remains a significant barrier to growth, particularly in emerging markets. The Pulse Check Survey identified several key drivers behind limited availability and high capital costs within emerging markets, with macroeconomic instability cited by 81% of respondents as the most pressing issue, followed by political and regulatory uncertainty (59%) and currency volatility coupled with limited hedging options (52%). Strengthening financial resilience requires more than simply expanding access to credit. It depends on a well-capitalized, effectively supervised banking sector, deeper domestic capital markets and broader financial inclusion.19 In Ukraine, for example, the EBRD supported Grain Alliance, a mid-sized agri-food producer, is sustaining operations by combining emergency working capital with long- term investment in a logistics hub in Slovakia, enabling continued exports despite port blockades and preserving the livelihoods of the company’s 1,100 employees. This demonstrates how targeted financing can reinforce both business continuity and national economic resilience. Enabling policy Policy uncertainty continues to pose a significant challenge for global businesses, with 82% of global respondents reporting ambiguity in their country’s industrial policies. Only a small fraction – 17% – perceived these policies as clear or actionable, highlighting the pressing need for more predictable and transparent policy frameworks.Cyber threats are relevant to the great majority of the EBRD’s investments – across sectors, regions and corporate stakeholders. As such, the EBRD’s Digital Hub is engaging with prospective and existing stakeholders facing cyber risks to promote their cyber resilience and the overall economic resilience of their markets, and de-risk EBRD operations. For instance, one of its private-sector firms is a leading vertically integrated agribusiness operating in Ukraine and the Western Balkans, which is facing substantial cybersecurity risks. In January 2025, the company was hit with a large-scale cyberattack, which disrupted its IT infrastructure and briefly limited its product shipments. This event highlighted the urgent need for substantial cybersecurity support. In response, the EBRD’s Digital Hub will conduct a technical cooperation assignment to support the company in its recovery from the 2025 attack and to mitigate future threats by onboarding it for a managed detection and response (MDR) solution pilot. This will provide the company with a pilot for round-the-clock threat detection and response capabilities (to be continued and independently funded by the company), helping ensure its continued safe and secure operations. This initiative exemplifies how MDBs can combine financial, technical and advisory support to help private- sector stakeholders not only recover from cyber events but also embed resilience into their digital transformation.CASE STUDY European Bank for Reconstruction and Development (EBRD): helping stakeholder build and strengthen cyber resilience Resilient Firms and Economies 16

Resilient Firms and Economies 2025