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European Bank for Reconstruction and Development

The European Bank for Reconstruction and Development ( EBRD ) is an international financial institution founded in 1991. As a multilateral developmental investment bank , the EBRD uses investment as a tool to build market economies . Eastern Europe Central Europe Initiated Initiatives for the Countries of Central Europe. EBRD has members from all over the world (North America, Africa, Asia and Australia, see below), with the biggest shareholder being the United States, but only lends regionally in its countries of operations. Headquartered in London , the EBRD is owned by 65 countries and two EU institutions. Despite its public sector shareholders, it invests in private enterprises, together with commercial partners.

The EBRD is not limited to the European Investment Bank (EIB), which is owned by EU member states and is used to support EU policy. EBRD is also separate from the Council of Europe Development Bank (CEB).

History

The EBRD was founded in April 1991 during the dissolution of the European Union by representatives of 40 nations from 3 continents and two European institutions, the European Investment Bank (EIB) and the European Economic Community (EEC, now European Union – EU), after reaching agreement on the bank’s charter, size, and distribution of power among shareholders. [2]

Mission

The EBRD was founded to support countries of the Eastern Bloc in the process of establishing their private sectors . [3] To that end, it offers „project financing“ for banks, industries and businesses, for new ventures or existing companies. It works with public ownership to support their privatization , as advocated by the WTO since the 1980s [4] and „improvement of municipal services“.

The EBRD mandates to work only in countries that are „committed to democratic principles“. It promotes „environmentally sound and sustainable development“, and does not finance „defense-related activities, the tobacco industry, selected alcoholic products, substances banned by international law and stand-alone gambling facilities.“ [5]

Criticism

Some NGOs have criticized the EBRD for financing projects they consider to be environmentally and socially harmful. Although it has increased its investments in energy efficiency and sustainable energy in recent years, these NGOs consider the bank to reduce the impacts of green energy , and airports. [6] [7] Among the projects are the Contested Ombla power plant in Croatia , [8] [9] the Kumtor Gold Mine in Kyrgyzstan , and the Šoštanj lignite power plant in Slovenia . [6]

NGOs have criticized the EBRD on the lack of progress of the EBRD makes in its main mission, the „transition to open and democratic market economies .“ [10] [11]

2014 sanctions against Russia

The EBRD announced on July 23, 2014 that it would suspend new investment projects in Russia, following an earlier declaration by the European Council . [12] The European Council was made in the context of the 2014 pro-Russian unrest in Ukraine . [13] As of 2014 Russia has been the largest funding recipient of all countries. In 2013, the Russian Federation received € 1.8 billion for investments from the EBRD and € 1 billion from the EIB. Russia employed the funds to finance a variety of projects like pipelines valves, property acquisitions, and a loan to a hypermarket chain. Two Russian projects are awaiting funding from the EBRD: a 300 million € plan for promoting energy efficiency, and a $ 180 million loan to lease agricultural and forestry equipment. [14] [15] The bank stated that it will continue to be managed on-going projects in Russia. [12]

Central Asia

In 2015, the EBRD invested a record amount in the Central Asian region. The total investment in 2015 rose by 75% reaching € 1,402.3 billion. Kazakhstan reported the largest total volumes of investment.reaching 790 million euro in 2015. [16]

Structure

Presidents

The following presidents have served the EBRD to date (as of 2017 ). [17]

  • Jacques Attali (1991-1993)
  • Jacques de Larosière (1993-1998)
  • Horst Köhler (1998-2000)
  • Jean Lemierre (2000-2008)
  • Thomas Mirow (2008-2012)
  • Suma Chakrabarti (2012-present)

Recipient countries of investments

The Following countries are recipients of funds: Albania , Armenia , Azerbaijan , Belarus , Bosnia and Herzegovina , Bulgaria , Croatia , Cyprus , Estonia , Egypt , Georgia , Greece , Hungary , Jordan , Kazakhstan , Kosovo , Kyrgyzstan , Latvia , Lithuania , Macedonia , Moldova , Mongolia ,Montenegro , Morocco , Poland , Romania , Russia , Serbia , Slovakia , Slovenia , Tajikistan , Tunisia , Turkey , Turkmenistan , Ukraine and Uzbekistan . [18]

The EBRD publishes its tenders and contracts on its own website [19] and in Business Development . a publication launched in 1978 by the United Nationswith the World Bank and other development banks. [20]

Financing members

The Following contribuer countries in the EBRD financing: Australia , Austria , Belgium , Canada , China , Cyprus , Czech Republic (member receiving send up to 2007-12-31), [21] 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 Kingdom and the United States of America as well as the European Union and the European Investment Bank [22]

Financing

To be eligible for EBRD funding, „a 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 and satisfy banking and environmental standards. „The loans, the loans, the leasing facilities, the trade finance and the professional development through support programs. Direct investments range from € 5 million to € 230 million. Smaller projects are financed by the EBRD and through „financial intermediaries“. The EBRD website states it has helped finance over 1 million smaller projects by supporting local banks, micro-business banks, equity funds and leasing facilities.

The EBRD finances projects in Sectors Including agribusiness , energy efficiency , financial institutions , manufacturing , municipal infrastructure, Also Known As public works (qui includes transportation, schools, water supply, waste disposal, and pollution control services), natural resources , power and energy , property , telecommunications , tourism , transport , information technology . [ quote needed ]

Outcomes

Since its founding in 1991, so far only the Czech Republic has graduated from borrower to shareholder within EBRD, in 2007. [23]

See also

  • Development Finance Institution
  • Green Climate Fund
  • Sustainable development
  • Ukeep
  • Irakli Kovzanadze , chairman of the Task Force on corporate governance of banks in Eurasia (2007-2009)

References

  1. Jump up^ http://www.ebrd.com/news/publications/annual-report/annual-report-2016.html
  2. Jump up^ „The European Bank for Reconstruction and Development“ . Overseas Development Institute briefing paper . Overseas Development Institute . nd . Retrieved 28 June 2011 .
  3. Jump up^ „About the EBRD“ . European Bank for Reconstruction and Development. Archived from the original on 2008-08-22 . Retrieved 2009-01-07 .
  4. Jump up^ Russell, Muir ,; Joseph, Soba, (1 October 1995). „State-Owned Enterprise Restructuring: Better Performance Through the Corporate Structure and Competition“ . Retrieved August 17, 2017 .
  5. Jump up^ „About the EBRD“ (PDF) . EBRD . 2014-08-01 . Retrieved 2017-03-26 .
  6. ^ Jump up to:a b „The European Bank for Reconstruction and Development“ . Central and Eastern European (EEC) Bankwatch Network . 2011.
  7. Jump up^ Goldberg; et al. (1995). „The European Bank for Reconstruction and Development: An Environmental Progress Report“ . Center for International Environmental Law .
  8. Jump up^ Mikaela Gavas (January 2013). „Reviewing the evidence: how does the European Development Fund perform?“ . Overseas Development Institute (ODI).
  9. Jump up^ „HEP and EBRD cancel loan agreement for Ombla power plant“ . Daily.tportal.hr. May 27, 2013 . Retrieved 6 June 2013 .
  10. Jump up^ „Our mission“ . European Bank for Reconstruction and Development.
  11. Jump up^ „Are we almost there yet? Dilemmas of transition after 20 years of EBRD’s operations“ . CEE Bankwatch Network . May 2011.
  12. ^ Jump up to:a b „EBRD STATEMENT ON OPERATIONAL APPROACH IN RUSSIA“ . EBRD. July 23, 2014 . Retrieved 28 July 2014 .
  13. Jump up^ „European Council conclusions on external relations (Ukraine and Gaza)“(PDF) . Council of the European Union. July 16, 2014 . Retrieved 26 July2014 .
  14. Jump up^ „Leaked: EU to cut loans and investment for Russia, Punish Crimea“ . TV Novosti. July 16, 2014.
  15. Jump up^ Alec Luhn (16 July 2014). „EU poised to cut funding to Russia and widen sanctions over Ukraine conflict“ . The Guardian .
  16. Jump up^ „EBRD investment in Central Asia reaches record € 1.4 billion in 2015“ . ebrd.com . Retrieved 23 February 2016 .
  17. Jump up^ „History of the European Bank for Reconstruction and Development (EBRD) (EBRD)“ . www.ebrd.com . Retrieved August 17, 2017 .
  18. Jump up^ „Where the EBRD works“ . www.ebrd.com . Retrieved August 17, 2017 .
  19. Jump up^ „EBRD procurement opportunities“ . www.ebrd.com . Retrieved August 17, 2017 .
  20. Jump up^ „Business Development“ .
  21. Jump up^ „Czech Republic homepage [EBRD – Countries]“ . Retrieved August 17,2017 .
  22. Jump up^ „European Investment Bank and EBRD will co-manage EU-supported projects in Eastern Europe and Central Asia“ . November 27, 2006.
  23. Jump up^ „Czech Republic graduates from EBRD, Press release 23 October 2007“. Archived from the original on 29 June 2011 . Retrieved 2011-01-25 .
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