European Bank for Reconstruction and Development
EBRD headquarters in London
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| Founded | 1991 |
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| Type | International financial institution |
| Location | |
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President
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Sir Suma Chakrabarti |
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Employees
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1500 |
| Mission | development bank |
| Website | ebrd.com |
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. Initially focused on the countries of the former Eastern Bloc it expanded to support development in more than 30 countries from central Europe to central Asia. Besides Europe, member countries of the EBRD are from five continents (North America, Africa, Asia and Australia, see below), with the biggest shareholder being the United States, so the name is somewhat of a misnomer. Headquartered in London, the EBRD is owned by 65 countries and two EU institutions. Despite its public sector shareholders, it invests mainly in private enterprises, together with commercial partners.
The EBRD is not to be confused with the European Investment Bank (EIB), which is owned by EU member states and is used to support EU policy. EBRD is also distinct from the Council of Europe Development Bank (CEB).
The EBRD was founded in April 1991 during the dissolution of the Soviet Union by representatives of 40 nations from 3 continents and two European institutions, the European Investment Bank (EIB) and, after reaching agreement on the bank's charter, size, and distribution of power among shareholders.
In 2006, EBRD stated it would cease spending in the Baltic and central European nations by 2010, and would shift funding to Russia, Ukraine, Armenia, Kazakhstan and Uzbekistan. In 2010, due to the Great Recession, this process was postponed.
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