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Founded in 1991, the European Bank for Reconstruction and Development (EBRD) uses the tools of investment to help build market economies and democracies in 30 countries from central Europe to central Asia. Its mission was to support the formerly communist countries in the process of establishing their private sectors.

Headquartered in Londonmarker, the EBRD is owned by 61 countries and two international institutions. Despite its public sector shareholders, it invests mainly in private enterprises, usually together with commercial partners.

EBRD provides project financing for banks, industries and businesses, both new ventures and investments in existing companies. It also works with publicly owned companies to support privatization, restructuring state-owned firms and improvement of municipal services.

[[Image:EBRD members.png|right|thumb|300px|European Bank for Reconstruction and Development member states
  ]]
The EBRD’s mandate stipulates that it must only work in countries that are committed to democratic principles. The EBRD is directed by its founding agreement to promote, in the full range of its activities, environmentally sound and sustainable development.

Erik Berglof is the Chief Economist.

The following countries are members and recipients of investments: Albaniamarker, Armeniamarker, Azerbaijanmarker, Belarusmarker, Bosnia and Herzegovinamarker, Bulgariamarker, Croatiamarker, Estoniamarker, Georgiamarker, Hungarymarker, Kazakhstanmarker, Kyrgyzstanmarker, Macedoniamarker, Moldovamarker, Mongoliamarker, Montenegromarker, Polandmarker, Romaniamarker, Russiamarker, Serbiamarker, Slovakiamarker, Sloveniamarker, Tajikistanmarker, Turkeymarker, Turkmenistanmarker, Ukrainemarker and Uzbekistanmarker.

The following countries are financing members only: Australia, Austriamarker, Belgiummarker, Canadamarker, Cyprusmarker, Czech Republicmarker (receiving member until 2007-12-31), Denmarkmarker, Egyptmarker, Finlandmarker, Francemarker, Germanymarker, Greecemarker, Icelandmarker, Irelandmarker, Israelmarker, Italymarker, Japanmarker, Luxembourgmarker, Maltamarker, Mexicomarker, Moroccomarker, Netherlandsmarker, New Zealandmarker, Norwaymarker, Portugalmarker, South Koreamarker, Spainmarker, Swedenmarker, Switzerlandmarker, the United Kingdommarker and the United States of Americamarker.

Two European Union institutions are also financing members: the European Community and the European Investment Bank.

In 2006 the organization stated that it would cease spending in the Baltic and central European nations by 2010, and funding would be shifted to Russiamarker, Ukrainemarker, Armeniamarker, Kazakhstanmarker and Uzbekistanmarker.

Requirements for EBRD financing

EBRD financing for private sector projects generally ranges from 5 million to 250 million euros, in the form of loans or equity. The average EBRD investment is €25 million.

Smaller projects may be financed through financial intermediaries or through special programmes for smaller direct investments in the less advanced countries.

To be eligible for EBRD funding, the project must:
  • be located in an EBRD country of operations
  • have strong commercial prospects
  • involve significant equity contributions in-cash or in-kind from the project sponsor
  • benefit the local economy and help develop the private sector
  • satisfy banking and environmental standards.


Project structure

The EBRD tailors each project to the needs of the client and to the specific situation of thecountry, region and sector. The EBRD typically funds up to 35 per cent of the total project cost for a greenfield project or 35 per cent of the long-term capitalisation of the projectcompany. The Bank requires significant equity contributions from the sponsors, which mustequal or be greater than the EBRD’s investment.

There must be additional funding from the sponsors, other co-financiers or generated through the EBRD’s syndications programme.

Sectors supported by the EBRD

The EBRD finances projects in most sectors. These include:
  • agribusiness
  • energy efficiency
  • financial institutions
  • manufacturing
  • municipal and environmental infrastructure
  • natural resources
  • power and energy
  • property and tourism
  • telecommunications, information technology and media
  • transport


Presidents

Thomas Mirow was nominated on 19 May 2008 to replace Jean Lemierre

Notes

  1. Countries of Operations [EBRD - Basic facts]
  2. Czech Republic homepage [EBRD - Countries]


See also



External links




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