EBRD
The EBRD's annual meeting in 2010 is taking place in Zagreb on May 14-15. Follow our updates, read our materials and inputs, and see some more surprises we've prepared for the bank's 19th birthday all on our dedicated EBRD annual meeting page.
The European Bank for Reconstruction and Development was established in 1991 in London with the aim of promoting transition to market-oriented economies in the countries of central and eastern Europe and Central Asia.
Currently the EBRD has 63 members (61 countries, the European Community and the European Investment Bank), with a total of 30 countries of operations. It provides loans, equity investments and guarantees for private and public sector projects in the areas of finance, infrastructure, industry and commerce. The EBRD works in close cooperation with other international financial institutions such as the World Bank and the European Investment Bank.
The EBRD has financed a number of environmentally and/or socially harmful projects. Although it has increased its investments into energy efficiency in recent years, it continues to diminish the impacts of these by financing carbon-intensive development such as coal, oil and gas production, transportation and generation, motorways and airports.
Concerns have also been raised about its financing for projects which should have been able to access financing from other sources, or companies which have not shown themselves sufficiently committed to improving their environmental and social governance. Some EBRD-financed concession contracts have also involved undue rewards for the private sector.
Currently the EBRD has 63 members (61 countries, the European Community and the European Investment Bank), with a total of 30 countries of operations. It provides loans, equity investments and guarantees for private and public sector projects in the areas of finance, infrastructure, industry and commerce. The EBRD works in close cooperation with other international financial institutions such as the World Bank and the European Investment Bank.
The EBRD has financed a number of environmentally and/or socially harmful projects. Although it has increased its investments into energy efficiency in recent years, it continues to diminish the impacts of these by financing carbon-intensive development such as coal, oil and gas production, transportation and generation, motorways and airports.
Concerns have also been raised about its financing for projects which should have been able to access financing from other sources, or companies which have not shown themselves sufficiently committed to improving their environmental and social governance. Some EBRD-financed concession contracts have also involved undue rewards for the private sector.
CEE Bankwatch Network is involved in campaigning on a number of EBRD projects and also devotes attention and resources to improving the EBRD's safeguard policies such as its Environmental Policy, Public Information Policy and the Independent Recourse Mechanism, and the EBRD's sectoral policies such as the Energy Policy, the Natural Resources Policy and the Transport Policy.
The EBRD has greatly increased its activities as a result of the financial crisis, yet questions persist about the sustainability of the financial system which it is promoting in the transition countries. In late 2009 the bank requested an additional EUR 10 billion from its shareholders in order to expand its activities for the period 2011-2015. Bankwatch and 45 more civil society organisations have challenged the bank to implement several urgent improvements in its operations if these extra funds are to work for the benefit of people and the environment.
CEE Bankwatch Network gratefully acknowledges EU funding support.