- European Bank for Reconstruction and Development
Founded in 1991, the European Bank for Reconstruction and Development (EBRD) uses the tools of investment to help build market economies and democracies in 27 countries from central Europe to central Asia.
The EBRD is owned by 61 countries and two
intergovernmental 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.
legend|#0000ff|Members, only financing legend|#ff7f40|Members, recipients of
investments] 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 Berglofis the Chief Economist
The following countries are members and recipients of
investments: [ [http://www.ebrd.com/about/basics/count.htm Countries of Operations [EBRD - Basic facts ] ] Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Estonia, Georgia, Hungary, Kazakhstan, Kyrgyzstan, FYR Macedonia, Moldova, Mongolia, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Tajikistan, Turkmenistan, Ukraineand Uzbekistan.
The following countries are financing members only:
Australia, Austria, Belgium, Canada, Cyprus, Czech Republic(receiving member until 2007-12-31[ [http://www.ebrd.com/country/country/czechrep/index.htm Czech Republic homepage [EBRD - Countries ] ] ), Denmark, Egypt, Finland, France, Germany, Greece, Iceland, Ireland, Israel, Italy, Japan, Luxembourg, Malta, Mexico, Morocco, Netherlands, New Zealand, Norway, Portugal, South Korea, Spain, Sweden, Switzerland, Turkey, the United Kingdomand the United States of America.
European Unioninstitutions are also financing members: the European Communityand the European Investment Bank.
It is expected that after the end of investments in the Czech Republic, operations will end in the seven remaining EU member states (
Bulgaria, Estonia, Hungary, Poland, Romania, Slovakia, Slovenia) by 2010. [ [http://www.sptimes.ru/index.php?action_id=2&story_id=17545 The St. Petersburg Times - Business - EU-8 to ‘Graduate’ by 2010 as EBRD Moves Focus East ] ]
Requirements for EBRD financing
EBRD financing for private sector projects generally ranges from €5 million to €250 million, 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. Criteria 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.
* April 1991 – June 1993:
* September 1993 – January 1998:
Jacques de Larosière(French)
* September 1998 – April 2000:
* July 2000 – July 2008:
* July 2008 - Present:
One Exchange Square London EC2A 2JN United Kingdom
* [http://www.ebrd.com/ EBRD web site]
* [http://www.bicusa.org/ Bank Information Center]
* [http://www.buyusa.gov/uk/en/178.html US Commercial Service Liaison office to EBRD]
* [http://www.bankwatch.org Central and Eastern European Bankwatch network of civil society groups monitoring and lobbying on public Bank projects and policies]
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