OEMs have asked manufacturers of cable harnesses to move to safer locations, such as Morocco and Tunisia.
The majority of the delegates at a closed session of the EBRD board of governors walked out of the hall when the EBRD’s Russian director Sergey Verkashanskiy insisted on speaking at the annual meeting in Marrakech on May 11.
The war in Ukraine is spilling out to affect the economies of the entire catchment area of the European Bank for Reconstruction and Development, which includes Emerging Europe, Central Asia and North Africa.
The recent Russian invasion of Ukraine is having a disruptive economic impact on the MENA region by driving up global wheat prices, which will impose yet more financial burdens on an already cash-strapped Egypt, the world's largest wheat importer.
Prices for wheat in the global grain market have already soared to decade-long highs as the war in Ukraine shuts down ports and threatens to disrupt the harvest.