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The EBRD's activities in the [[Balkans]] have attracted particular controversy and criticism<ref>{{Cite news|url=https://www.theguardian.com/environment/2015/dec/11/major-banks-put-up-nearly-1bn-for-controversial-balkan-dams-says-report|title=Major banks put up nearly €1bn for controversial Balkan dams, says report|last=Neslen|first=Arthur|date=11 December 2015|work=The Guardian|access-date=1 April 2018|archive-url=|archive-date=|dead-url=}}</ref>, especially when they have centered on national parks or free-flowing rivers<ref>{{Cite news|url=http://time.com/4430986/albania-vjosa-river-dam-hydropower/|title=Europe's Last Wild River Is About to Get Dammed|last=Wendle|first=John|date=3 August 2016|work=Time|access-date=1 April 2018|archive-url=|archive-date=|dead-url=}}</ref>. This has often involved the actualized or proposed construction of [[Hydroelectricity|hydroelectric dams]] and road infrastructure. Indeed, a 2017 report alleged deficiencies in monitoring and mitigation measures that had been designed to lessen the environmental impact of dam projects financed by the EBRD<ref>Bankwatch (2017) [https://bankwatch.org/wp-content/uploads/2017/12/broken-rivers.pdf Broken rivers The impacts of European-financed small hydropower plants on pristine Balkan landscapes]</ref>, while, in March 2018, outdoor clothing label [[Patagonia (clothing)|Patagonia]] helped launch ''The Dam Truth'' campaign, which directly requests international banks including the EBRD to "stop investing in the destruction of Europe's last wild rivers"<ref>{{Cite web|url=https://blueheart.patagonia.com/intl/en/take-action|title=Blue Heart|last=|first=|date=3 March 2018|website=|archive-url=|archive-date=|dead-url=|access-date=1 April 2018}}</ref>.
The EBRD's activities in the [[Balkans]] have attracted particular controversy and criticism<ref>{{Cite news|url=https://www.theguardian.com/environment/2015/dec/11/major-banks-put-up-nearly-1bn-for-controversial-balkan-dams-says-report|title=Major banks put up nearly €1bn for controversial Balkan dams, says report|last=Neslen|first=Arthur|date=11 December 2015|work=The Guardian|access-date=1 April 2018|archive-url=|archive-date=|dead-url=}}</ref>, especially when they have centered on national parks or free-flowing rivers<ref>{{Cite news|url=http://time.com/4430986/albania-vjosa-river-dam-hydropower/|title=Europe's Last Wild River Is About to Get Dammed|last=Wendle|first=John|date=3 August 2016|work=Time|access-date=1 April 2018|archive-url=|archive-date=|dead-url=}}</ref>. This has often involved the actualized or proposed construction of [[Hydroelectricity|hydroelectric dams]] and road infrastructure. Indeed, a 2017 report alleged deficiencies in monitoring and mitigation measures that had been designed to lessen the environmental impact of dam projects financed by the EBRD<ref>Bankwatch (2017) [https://bankwatch.org/wp-content/uploads/2017/12/broken-rivers.pdf Broken rivers The impacts of European-financed small hydropower plants on pristine Balkan landscapes]</ref>, while, in March 2018, outdoor clothing label [[Patagonia (clothing)|Patagonia]] helped launch ''The Dam Truth'' campaign, which directly requests international banks including the EBRD to "stop investing in the destruction of Europe's last wild rivers"<ref>{{Cite web|url=https://blueheart.patagonia.com/intl/en/take-action|title=Blue Heart|last=|first=|date=3 March 2018|website=|archive-url=|archive-date=|dead-url=|access-date=1 April 2018}}</ref>.


At National Park Mavrovo in the Republic of Macedonia, the bank was forced to cancel finance<ref>{{Cite web|url=http://www.ebrd.com/cs/Satellite?c=Content&cid=1395254522452&d=Mobile&pagename=EBRD%2FContent%2FContentLayout|title=EBRD Statement on Boskov Most hydro power plant|last=|first=|date=17 January 2017|website=European Bank for Reconstruction and Development|archive-url=|archive-date=|dead-url=|access-date=1 April 2018}}</ref> for a dam at Boskov Most due to Recommendation 184 of the Standing Committee of the Bern Convention<ref name=":0">Convention on the Conservation of European Wildlife and Natural Habitats, Standing Committee, 35th Meeting (2015) [https://rm.coe.int/1680746676 Recommendation No. 184 (2015) on the Planned Hydropower Plants on the Territory of the Mavrovo National Park ("The Former Yugoslav Republic of Macedonia")]</ref>, which requested immediate suspension of the project. Identifying a need for full cumulative impact assessments, the committee justified its decision with reference to the high biodiversity of the area and its importance as a core reproductive area for the Balkan lynx<ref name=":0" />, one of the most endangered mammals on the planet<ref>{{Cite web|url=http://www.iucnredlist.org/details/68986842/0|title=Lynx lynx ssp. balcanicus|last=Melovski, D., Breitenmoser, U., von Arx, M., Breitenmoser-Würsten, C. & Lanz, T.|first=|date=8 January 2015|website=IUCN|archive-url=|archive-date=|dead-url=|access-date=1 April 2018}}</ref>.
At National Park [[Mavrovo National Park|Mavrovo]] in the Republic of Macedonia, the bank was forced to cancel finance<ref>{{Cite web|url=http://www.ebrd.com/cs/Satellite?c=Content&cid=1395254522452&d=Mobile&pagename=EBRD%2FContent%2FContentLayout|title=EBRD Statement on Boskov Most hydro power plant|last=|first=|date=17 January 2017|website=European Bank for Reconstruction and Development|archive-url=|archive-date=|dead-url=|access-date=1 April 2018}}</ref> for a dam at Boskov Most due to Recommendation 184 of the Standing Committee of the Bern Convention<ref name=":0">Convention on the Conservation of European Wildlife and Natural Habitats, Standing Committee, 35th Meeting (2015) [https://rm.coe.int/1680746676 Recommendation No. 184 (2015) on the Planned Hydropower Plants on the Territory of the Mavrovo National Park ("The Former Yugoslav Republic of Macedonia")]</ref>, which requested immediate suspension of the project. Identifying a need for full cumulative impact assessments, the committee justified its decision with reference to the high biodiversity of the area and its importance as a core reproductive area for the [[Balkan lynx]]<ref name=":0" />, one of the most endangered mammals on the planet<ref>{{Cite web|url=http://www.iucnredlist.org/details/68986842/0|title=Lynx lynx ssp. balcanicus|last=Melovski, D., Breitenmoser, U., von Arx, M., Breitenmoser-Würsten, C. & Lanz, T.|first=|date=8 January 2015|website=IUCN|archive-url=|archive-date=|dead-url=|access-date=1 April 2018}}</ref>.


Again in Macedonia, the EBRD became a target for environmentalists<ref>{{Cite news|url=https://theecologist.org/2015/oct/27/macedonia-ebrds-planned-destruction-lake-ohrid-biosphere-reserve|title=Macedonia: EBRD's planned destruction of Lake Ohrid Biosphere Reserve|last=Nikolovska, E. and Scarry, D.|first=|date=27 October 2015|work=The Ecologist|access-date=1 April 2018|archive-url=|archive-date=|dead-url=}}</ref> after plans were announced to bisect National Park Galicica in the UNESCO Ohrid-Prespa Transboundary Biosphere Reserve with an A3 express road, which would have required certain zones of protection in the national park to be downgraded<ref>Citrus Partners LLP (2015) ‘Draft Amendments to the Management Plan for National Park Galichica for the Period 2011 – 2020. Strategic Environmental Assessment (SEA)’, REF: J337, London, United Kingdom</ref>. Scientists from Macedonia and across the world signed a declaration in opposition to this and other projects proposed for the Ohrid-Prespa region, a message that was reinforced by a Joint Reactive Monitoring Mission from the World Heritage Centre, ICOMOS and the IUCN, which requested total cancellation of proposed A3 road sections<ref>UNESCO, ICOMOS and IUCN (2017) [http://whc.unesco.org/en/documents/158740 Reactive Monitoring Mission Report Natural and Cultural Heritage of the Ohrid Region (Former Yugoslav Republic of Macedonia)], World Heritage Centre, Paris, France.</ref>. This recommendation was underlined by the World Heritage Committee at its 41st session in Krakow<ref>{{Cite web|url=http://whc.unesco.org/en/decisions/7036/|title=Decision : 41 COM 7B.34|last=UNESCO World Heritage Committee|first=|date=2017|website=UNESCO World Heritage Committee|archive-url=|archive-date=|dead-url=|access-date=1 April 2018}}</ref>. Eventually, in February 2018, the Republic of Macedonia abandoned plans for the road, redirecting the EBRD's funds to other infrastructure projects<ref>National Commission for UNESCO, Republic of Macedonia (2018) Progress Report on the Implementation of the Recommendations According to the World Heritage Committee Decision Decision : 41 COM 7B.34. (Available via http://whc.unesco.org/en/list/99/documents/)</ref>.
Again in Macedonia, the EBRD became a target for environmentalists<ref>{{Cite news|url=https://theecologist.org/2015/oct/27/macedonia-ebrds-planned-destruction-lake-ohrid-biosphere-reserve|title=Macedonia: EBRD's planned destruction of Lake Ohrid Biosphere Reserve|last=Nikolovska, E. and Scarry, D.|first=|date=27 October 2015|work=The Ecologist|access-date=1 April 2018|archive-url=|archive-date=|dead-url=}}</ref> after plans were announced to bisect National Park [[Galičica]] in the UNESCO [[Ohrid-Prespa Transboundary Biosphere Reserve]] with an A3 express road, which would have required certain zones of protection in the national park to be downgraded<ref>Citrus Partners LLP (2015) ‘Draft Amendments to the Management Plan for National Park Galichica for the Period 2011 – 2020. Strategic Environmental Assessment (SEA)’, REF: J337, London, United Kingdom</ref>. Scientists from Macedonia and across the world signed a declaration in opposition to this and other projects proposed for the Ohrid-Prespa region, a message that was reinforced by a Joint Reactive Monitoring Mission from the World Heritage Centre, ICOMOS and the IUCN, which requested total cancellation of proposed A3 road sections<ref>UNESCO, ICOMOS and IUCN (2017) [http://whc.unesco.org/en/documents/158740 Reactive Monitoring Mission Report Natural and Cultural Heritage of the Ohrid Region (Former Yugoslav Republic of Macedonia)], World Heritage Centre, Paris, France.</ref>. This recommendation was underlined by the [[World Heritage Committee]] at its 41st session in Krakow<ref>{{Cite web|url=http://whc.unesco.org/en/decisions/7036/|title=Decision : 41 COM 7B.34|last=UNESCO World Heritage Committee|first=|date=2017|website=UNESCO World Heritage Committee|archive-url=|archive-date=|dead-url=|access-date=1 April 2018}}</ref>. Eventually, in February 2018, the Republic of Macedonia abandoned plans for the road, redirecting the EBRD's funds to other infrastructure projects<ref>National Commission for UNESCO, Republic of Macedonia (2018) Progress Report on the Implementation of the Recommendations According to the World Heritage Committee Decision Decision : 41 COM 7B.34. (Available via http://whc.unesco.org/en/list/99/documents/)</ref>.


NGOs have criticized the EBRD on the lack of progress the EBRD makes in its main mission, the “transition towards open and democratic [[market economy|market economies]].”<ref name=EBRDmission>{{cite web|url=http://www.ebrd.com/pages/about/what/mission.shtml|title= Our mission|publisher=European Bank for Reconstruction and Development}}</ref><ref name=bwthereyet>{{cite web|url=http://bankwatch.org/publications/are-we-nearly-there-yet-dilemmas-transition-after-20-years-ebrds-operations|title= Are we nearly there yet? Dilemmas of transition after 20 years of EBRD's operations|work= CEE Bankwatch Network|date= May 2011}}</ref>
NGOs have criticized the EBRD on the lack of progress the EBRD makes in its main mission, the “transition towards open and democratic [[market economy|market economies]].”<ref name=EBRDmission>{{cite web|url=http://www.ebrd.com/pages/about/what/mission.shtml|title= Our mission|publisher=European Bank for Reconstruction and Development}}</ref><ref name=bwthereyet>{{cite web|url=http://bankwatch.org/publications/are-we-nearly-there-yet-dilemmas-transition-after-20-years-ebrds-operations|title= Are we nearly there yet? Dilemmas of transition after 20 years of EBRD's operations|work= CEE Bankwatch Network|date= May 2011}}</ref>

Revision as of 15:19, 1 April 2018

Not to be confused with Council of Europe Development Bank.
European Bank for Reconstruction and Development
Company typeInternational financial institution
Industryinternational governmental or non-governmental organizations Edit this on Wikidata
Founded1991 Edit this on Wikidata
HeadquartersLondon
Key people
Suma Chakrabarti
(President)
US$1.1 billion (2016)[1]
Total assetsUS$59.15 billion (2016)[2]
Total equityUS$16.27 billion (2016)[3]
Number of employees
3000 [4]
Websiteebrd.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. Similar to other multilateral development banks, the 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 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).

History

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 the European Economic Community (EEC, now European Union – EU), after reaching agreement on the bank's charter, size, and distribution of power among shareholders.[5]

Mission

The EBRD was founded to support countries of the former Eastern Bloc in the process of establishing their private sectors.[6] To that end, it offers "project financing" for banks, industries and businesses, for new ventures or existing companies. It works with publicly owned companies to support their privatization, as advocated by the WTO since the 1980s [7] 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."[8]

Criticism

Some NGOs have criticized the EBRD for financing projects they consider to be environmentally and socially harmful. Although it has increased its investments into energy efficiency and sustainable energy in recent years, these NGOs consider the bank continues to diminish the impacts of green investments by financing carbon-intensive development such as coal, oil and gas production, transportation and generation, motorways, and airports.[9][10] Among the contested projects are the Ombla power plant in Croatia,[11][12] the Kumtor Gold Mine in Kyrgyzstan, and the Šoštanj lignite power plant in Slovenia.[9]

The EBRD's activities in the Balkans have attracted particular controversy and criticism[13], especially when they have centered on national parks or free-flowing rivers[14]. This has often involved the actualized or proposed construction of hydroelectric dams and road infrastructure. Indeed, a 2017 report alleged deficiencies in monitoring and mitigation measures that had been designed to lessen the environmental impact of dam projects financed by the EBRD[15], while, in March 2018, outdoor clothing label Patagonia helped launch The Dam Truth campaign, which directly requests international banks including the EBRD to "stop investing in the destruction of Europe's last wild rivers"[16].

At National Park Mavrovo in the Republic of Macedonia, the bank was forced to cancel finance[17] for a dam at Boskov Most due to Recommendation 184 of the Standing Committee of the Bern Convention[18], which requested immediate suspension of the project. Identifying a need for full cumulative impact assessments, the committee justified its decision with reference to the high biodiversity of the area and its importance as a core reproductive area for the Balkan lynx[18], one of the most endangered mammals on the planet[19].

Again in Macedonia, the EBRD became a target for environmentalists[20] after plans were announced to bisect National Park Galičica in the UNESCO Ohrid-Prespa Transboundary Biosphere Reserve with an A3 express road, which would have required certain zones of protection in the national park to be downgraded[21]. Scientists from Macedonia and across the world signed a declaration in opposition to this and other projects proposed for the Ohrid-Prespa region, a message that was reinforced by a Joint Reactive Monitoring Mission from the World Heritage Centre, ICOMOS and the IUCN, which requested total cancellation of proposed A3 road sections[22]. This recommendation was underlined by the World Heritage Committee at its 41st session in Krakow[23]. Eventually, in February 2018, the Republic of Macedonia abandoned plans for the road, redirecting the EBRD's funds to other infrastructure projects[24].

NGOs have criticized the EBRD on the lack of progress the EBRD makes in its main mission, the “transition towards open and democratic market economies.”[25][26]

2014 sanctions against Russia

The EBRD announced on 23 July 2014 that it would suspend new investment projects in Russia, following an earlier declaration by the European Council.[27] The European Council declaration was made in the context of the 2014 pro-Russian unrest in Ukraine.[28] As of 2014 Russia has been the biggest 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 pipeline valves, property acquisitions, and a loan to a hypermarket chain. Two Russian projects were awaiting funding from the EBRD: a 300 million € plan for promoting energy efficiency, and a $180 million loan to lease agricultural and forestry equipment.[29][30] The bank stated that it will continue to manage on-going projects in Russia.[27]

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.[31]

Structure

European Bank for Reconstruction and Development member states
  Recipient countries of investments
  Financing members

Presidents

The following presidents have served the EBRD to date (as of 2017).[32]

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.[33]

The EBRD publishes its tenders and contracts on its own website [34] and in Development Business. a publication launched in 1978 by the United Nations with the World Bank and other development banks.[35]

Financing members

The following countries contribute in financing the EBRD: Australia, Austria, Belgium, Canada, China, Cyprus, Czech Republic (receiving member until 2007-12-31),[36] Denmark, Egypt, Finland, France, Germany, Greece, Iceland, Ireland, Israel, Italy,India,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[37]

Financing

The EBRD offers loan and equity finance, guarantees, leasing facilities, trade finance, and professional development through support programs. Direct investments in equity range from 5% to 25% stakes[38] and €5 million to €230 million. Smaller projects are financed both directly by the EBRD and through "financial intermediaries". The EBRD website states it has helped finance over 1 million smaller projects by supporting local commercial banks, micro-business banks, equity funds and leasing facilities.

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 EBRD finances projects in sectors including agribusiness, energy efficiency, financial institutions, manufacturing, municipal infrastructure, also known as public works (which includes transport, schools, water supply, waste disposal, and pollution control services), natural resources, power and energy, property, telecommunications, tourism, transport, information technology.[citation needed]

Outcomes

Since its founding in 1991, so far only the Czech Republic has graduated from borrower to shareholder within EBRD, in 2007.[39]

See also

References

  1. ^ http://2016.ar-ebrd.com/in-numbers/
  2. ^ http://2016.ar-ebrd.com/in-numbers/
  3. ^ http://2016.ar-ebrd.com/in-numbers/
  4. ^ http://www.ebrd.com/news/publications/annual-report/annual-report-2016.html
  5. ^ "The European Bank for Reconstruction and Development". Overseas Development Institut briefing paper. Overseas Development Institute. n.d. Retrieved 28 June 2011.
  6. ^ "About the EBRD". European Bank for Reconstruction and Development. Archived from the original on 2008-08-22. Retrieved 2009-01-07.
  7. ^ Russell, Muir,; Joseph, Soba, (1 October 1995). "State-Owned Enterprise Restructuring : Better Performance Through the Corporate Structure and Competition". Retrieved 17 August 2017. {{cite journal}}: Cite journal requires |journal= (help)CS1 maint: extra punctuation (link) CS1 maint: multiple names: authors list (link)
  8. ^ "About the EBRD" (PDF). EBRD. 2014-08-01. Retrieved 2017-03-26.
  9. ^ a b "The European Bank for Reconstruction and Development". Central and Eastern European (CEE) Bankwatch Network. 2011.
  10. ^ Goldberg; et al. (1995). "The European Bank for Reconstruction and Development: An Environmental Progress Report". Center for International Environmental Law.
  11. ^ Mikaela Gavas (January 2013). "Reviewing the evidence: how well does the European Development Fund perform?". Overseas Development Institute (ODI).
  12. ^ "HEP and EBRD cancel loan agreement for Ombla power plant". Daily.tportal.hr. 27 May 2013. Retrieved 6 June 2013.
  13. ^ Neslen, Arthur (11 December 2015). "Major banks put up nearly €1bn for controversial Balkan dams, says report". The Guardian. Retrieved 1 April 2018. {{cite news}}: Cite has empty unknown parameter: |dead-url= (help)
  14. ^ Wendle, John (3 August 2016). "Europe's Last Wild River Is About to Get Dammed". Time. Retrieved 1 April 2018. {{cite news}}: Cite has empty unknown parameter: |dead-url= (help)
  15. ^ Bankwatch (2017) Broken rivers The impacts of European-financed small hydropower plants on pristine Balkan landscapes
  16. ^ "Blue Heart". 3 March 2018. Retrieved 1 April 2018. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  17. ^ "EBRD Statement on Boskov Most hydro power plant". European Bank for Reconstruction and Development. 17 January 2017. Retrieved 1 April 2018. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  18. ^ a b Convention on the Conservation of European Wildlife and Natural Habitats, Standing Committee, 35th Meeting (2015) Recommendation No. 184 (2015) on the Planned Hydropower Plants on the Territory of the Mavrovo National Park ("The Former Yugoslav Republic of Macedonia")
  19. ^ Melovski, D., Breitenmoser, U., von Arx, M., Breitenmoser-Würsten, C. & Lanz, T. (8 January 2015). "Lynx lynx ssp. balcanicus". IUCN. Retrieved 1 April 2018. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)CS1 maint: multiple names: authors list (link)
  20. ^ Nikolovska, E. and Scarry, D. (27 October 2015). "Macedonia: EBRD's planned destruction of Lake Ohrid Biosphere Reserve". The Ecologist. Retrieved 1 April 2018. {{cite news}}: Cite has empty unknown parameter: |dead-url= (help)CS1 maint: multiple names: authors list (link)
  21. ^ Citrus Partners LLP (2015) ‘Draft Amendments to the Management Plan for National Park Galichica for the Period 2011 – 2020. Strategic Environmental Assessment (SEA)’, REF: J337, London, United Kingdom
  22. ^ UNESCO, ICOMOS and IUCN (2017) Reactive Monitoring Mission Report Natural and Cultural Heritage of the Ohrid Region (Former Yugoslav Republic of Macedonia), World Heritage Centre, Paris, France.
  23. ^ UNESCO World Heritage Committee (2017). "Decision : 41 COM 7B.34". UNESCO World Heritage Committee. Retrieved 1 April 2018. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  24. ^ National Commission for UNESCO, Republic of Macedonia (2018) Progress Report on the Implementation of the Recommendations According to the World Heritage Committee Decision Decision : 41 COM 7B.34. (Available via http://whc.unesco.org/en/list/99/documents/)
  25. ^ "Our mission". European Bank for Reconstruction and Development.
  26. ^ "Are we nearly there yet? Dilemmas of transition after 20 years of EBRD's operations". CEE Bankwatch Network. May 2011.
  27. ^ a b "EBRD STATEMENT ON OPERATIONAL APPROACH IN RUSSIA". EBRD. 23 July 2014. Retrieved 28 July 2014.
  28. ^ "European Council conclusions on external relations (Ukraine and Gaza)" (PDF). Council of the European Union. 16 July 2014. Retrieved 26 July 2014.
  29. ^ "Leaked: EU to cut loans and investment for Russia, punish Crimea". TV-Novosti. 16 July 2014.
  30. ^ Alec Luhn (16 July 2014). "EU poised to cut funding to Russia and widen sanctions over Ukraine conflict". The Guardian.
  31. ^ "EBRD investment in Central Asia reaches record €1.4 billion in 2015". ebrd.com. Retrieved 23 February 2016.
  32. ^ "History of the European Bank for Reconstruction and Development (EBRD)(EBRD)". www.ebrd.com. Retrieved 17 August 2017.
  33. ^ "Where the EBRD works". www.ebrd.com. Retrieved 17 August 2017.
  34. ^ "EBRD procurement opportunities". www.ebrd.com. Retrieved 17 August 2017.
  35. ^ "Development Business".
  36. ^ "Czech Republic homepage [EBRD – Countries]". Retrieved 17 August 2017.
  37. ^ "European Investment Bank and EBRD will co-manage EU-supported projects in Eastern Europe and Central Asia". 27 November 2006.
  38. ^ "EBRD mulls taking part in Azeri IBA sale, eyes 2 percent GDP growth". Reuters. 2018-02-20. Retrieved 2018-02-20. {{cite news}}: Cite has empty unknown parameter: |dead-url= (help)
  39. ^ "Czech Republic graduates from EBRD, Press release 23 October 2007". Archived from the original on 29 June 2011. Retrieved 2011-01-25. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
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