European Bank for Reconstruction and Development: Difference between revisions

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{{Short description|Financial institution which supports more than 30 countries}}

{{distinguish|text=the [[European Investment Bank]] (EIB) or the [[Council of Europe Development Bank]] (CEB)}}

{{Use dmy dates|date=July 2025}}

{{Infobox company

| name = European Bank for Reconstruction and Development

| logo = EBRD Ebrd-logo (2)-regular-blue-english.png

| logo_size = 200px

| image = One Bank Street geograph-6678817-by-Stephen-Richards.jpg

| image_caption = One Bank Street in [[Canary Wharf]],<br/>EBRD head office since 2022<ref>{{cite web |website=EBRD |url=https://www.ebrd.com/news/2022/ebrd-moves-london-headquarters-to-canary-wharf.html |date={{date|3 October 2022/10/03}} |title=EBRD moves London headquarters to Canary Wharf}}</ref>

[[File:European Bank for Reconstruction and Development Map.png|thumb|European Bank for Reconstruction and Development map]]

| type = [[International financial institution]]

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| founded = {{start date and age|1991}}

| ___location = [[London]], {{postcode|E|14 4BG}}<br />United Kingdom

| key_people = {{ubl|{{Ill|[[Odile Renaud-Basso|fr}}]] {{small|(current [[President (corporate title)|president]])}}|[[Jacques Attali]] {{small|(inaugural [[President (corporate title)|president]])}}}}

| area_served =

| products =

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| focus =

| net_income = €−1.1 billion (2022)<ref name="ebrd.com22">{{cite web|url=https://www.ebrd.com/financial-report-2022#|title=EBRD Financial Report 2022|access-date=3 October 2023|website=ebrd.com}}</ref>

| assets = € 71€71.63 billion (2022)<ref name="ebrd.com22"/>

| equity = €19.33 billion (2022)<ref name="ebrd.com22"/>

| endowment =

| num_volunteers =

| num_employees = 3,000 (2016)<ref>{{cite web|url=http://www.ebrd.com/news/publications/annual-report/annual-report-2016.html|title=EBRD Annual Report 2016|date=10 May 2017|website=ebrd.com}}</ref>

| num_members =

| subsid =

| owner =

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}}

The '''European Bank for Reconstruction and Development''', shortened to ('''EBRD;''' ([[French language|French]]: ''Banque européenne pour la reconstruction et le développement, BERD'' or ''BERD''), is an [[international financial institution]] founded in 1991 in Paris. As a multilateral developmental [[investment bank]], the EBRD uses [[investment]] as a tool to build [[Market economy|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 single shareholder being the [[United States]], but only lends regionally in its countries of operations. Headquartered in [[London]], the EBRD is owned by 7175 countries and two [[European Union]] institutions, the newest shareholder being [[AlgeriaNigeria]] since OctoberFebruary 20212025.<ref>{{cite web |last1=EBRD |title=Nigeria: EBRD Shareholder Profile |url=https://www.ebrd.com/sites/ContentServer?c=Content&d=&rendermode=preview&cid=1395325207513&pagename=EBRD%2FContent%2FContentLayout#:~:text=In%20February%202025%2C%20Nigeria%20became,its%20membership%20in%20May%202024. |website=European Bank for Reconstruction and Development |access-date=7 March 2025}}</ref> 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).

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[[File:European_Bank_for_Reconstruction_and_Development_Headquarters_(EBRD),_London,_United_Kingdom_02.jpg|thumb|175 Bishopsgate in London, the EBRD's head office between 1992 and 2022]]

Located in London, the EBRD was intended at its beginning to focus on the [[Transition economy|switch from centrally planned economy to market based economy]] in the [[Central and Eastern Europe|Central and Eastern European countries]] by investing in the private sector, mainly banks, industries and businesses, and by promoting policies that would favor them.<ref name=":0">{{Cite book |last=Lessambo |first=Felix I. |url=https://www.worldcat.org/oclc/919430034 |title=International financial institutions and their challenges : a global guide for future methods |date=2015 |isbn=978-1-137-52270-2 |___location=New York City, NY |oclc=919430034}}</ref> It was created as a result of the end of the Cold War because of particular issues regarding the international system in place, the historical and political context at the time.<ref name=":1">{{Cite journal |last1=Barria |first1=Lilian A. |last2=Roper |first2=Steven D. |year=2003 |title=Economic Transition in Latin American and Post-Communist Countries: A Comparison of Multilateral Development Banks |url=http://link.springer.com/10.1023/B:IJPS.0000031235.74193.a4 |journal=International Journal of Politics, Culture, and Society |language=en |volume=17 |issue=4 |pages=619–638 |doi=10.1023/B:IJPS.0000031235.74193.a4 |s2cid=154390301 |issn=0891-4486|url-access=subscription }}</ref> Furthermore, its recipient countries had to ensure that they would work towards "multi-party democracy and political pluralism"<ref name=":2">{{Cite journal |last=Shields |first=Stuart |date=2015 |title=Shields, S. (2015). The European Bank for Reconstruction and Development and the lessons from Eastern Central Europe for Middle East/North African Transition |url=https://dergipark.org.tr/en/download/article-file/417244 |journal=Spectrum: Journal of Global Studies}}</ref> in which was considered as one of the main particularity of the EBRD distinguishing the latter from other financial institutions.<ref name=":0" /> Firstly, notably advocated by European political actors such as the French President [[François Mitterrand|Mitterrand]] in 1989, the idea of creating this financial institution involving the European countries started before the [[fall of the Berlin Wall]]. The reception of this proposition was mitigated depending on the country, for instance it received hostility from the British whereas the French were important proponents of the project and influenced the process.<ref name=":1"/> In January 1990, negotiations about the EBRD objectives, its lending policy regarding the public and private sectors, started and involved all the EU countries at the time, as well as various other European countries, non-European countries and representatives from the [[European Union|EU]] and the [[European Investment Bank]]. The [[Soviet Union]] was represented by its own delegation in the process and thus participated in the negotiations as well as the USA. Later on, because of dissensions on the political and economic objectives of the institution, the inclusion of the Soviet Union was threatened. Considered as short negotiations, the agreement (for reasons relating to the situation in Eastern Europe and to a wave of privatization across Europe) leading to its creation was signed on 29 May 1990 by actors such as 40 states as well as two European organizations<ref name=":3">{{Cite journal |last=Weber |first=Steven |date=1994 |title=Origins of the European Bank for Reconstruction and Development |url=https://www.cambridge.org/core/product/identifier/S0020818300000801/type/journal_article |journal=International Organization |language=en |volume=48 |issue=1 |pages=01–38 |doi=10.1017/S0020818300000801 |s2cid=153997471 |issn=0020-8183|url-access=subscription }}</ref> and by March 1991 took its first effects as the bank was inaugurated. The creation of the EBRD has led to the financing of various projects in the years following its first operations, for instance there were twenty projects in 1992 in which the EBRD provided financing worth [[European Currency Unit|ECU]] 2.1 billion.<ref name=":3"/>

== Governance ==

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=== Board of Governors ===

Representatives from each member state compose this board, they have authority power. Currently (2024-2025) Slovenia is the Chair of Board of Governors, while Iceland and Turkey are the Vice Chairs.

=== Board of directorsDirectors ===

The Board of Directors consists of 23 members elected by the Board of Governors. These members can not be on the Board of Governors. Its function is to direct the general operations of the bank, notably:<ref name=":0" />

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=== President ===

The EBRD is composed of many members with voting powers, from European and non-European states to the membership of other institutions such as the European Investment Bank, however depending on the geographical ___location of each member, voting rights differ. More precisely, European and other creditor members hold a majority voting power. At its beginning, the EBRD was owned by more than 40 members, in 2015 the number of countries owning it was 61. and as of March 2022, there were 71 countries as owners.<ref>{{Cite web |title=EBRD: staff, structure, history |url=https://www.ebrd.com/who-we-are |access-date=2022-03-29 March 2022 |website=www.ebrd.com |language=en}}</ref>

The following presidents have served the EBRD to date (as of March 2022).

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* [[Thomas Mirow]]: July 2008 – July 2012

* [[Suma Chakrabarti]]: July 2012 – July 2020

* {{Ill|[[Odile Renaud-Basso|fr}}]]: 2020 – ''present''

=== Membership ===

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{| class="wikitable sortable" style="text-align:right"

|+ EBRD shareholders<ref>{{Cite web|url=https://www.ebrd.com/shareholdershome/who-andwe-boardare/our-of-governorsorganisation/shareholders.html|title = European Bank for Reconstruction and Development Shareholders and Board of Governors | access-date=23 March 2025}}</ref>

! shareholderShareholder !! dateDate joined !! capitalCapital subscription

|-

| style="text-align:left" | {{flag|Albania}} || 18 December 1991 || €{{val|30010000}}

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| style="text-align:left" | {{flag|Australia}} || 30 March 1991 || €{{val|300140000}}

|-

| style="text-align:left" | {{flag|Austria}} || 28 March 1991 || €{{val|684320000776290000}}

|-

| style="text-align:left" | {{flag|Azerbaijan}} || 25 September 1992 || €{{val|3002000030010000}}

|-

| style="text-align:left" | {{flag|Belarus}}{{NoteTag|In response to the [[Russian invasion of Ukraine]] since 2022, the Board of Governors of EBRD suspended access to the bank's resources by both Russian and Belarusian entities,<ref>{{cite web|url=https://www.ebrd.com/news/2022/ebrd-moves-forward-with-action-against-russia-and-belarus.html|title=EBRD moves forward with action against Russia and Belarus|date=1 March 2022|access-date=4 November 2022}}</ref> and closed the bank's offices in both capitals Moscow and Minsk,<ref>{{cite web|url=https://www.ebrd.com/news/2022/ebrd-to-close-its-offices-in-moscow-and-minsk-.html|title=EBRD to close its offices in Moscow and Minsk|date=28 March 2022|access-date=4 November 2022}}</ref> but both countries are still legitimate shareholders.|name=2022suspension}}|| 10 June 1992 || €{{val|60020000}}

|-

| style="text-align:left" | {{flag|Belgium}} || 10 April 1991 || €{{val|684320000}}

|-

| style="text-align:left" |{{Flag|Benin}} ||10 April 2024 ||€{{val|2030000}}

|-

| style="text-align:left" | {{flag|Bosnia and Herzegovina}} || 17 June 1996 || €{{val|50710000}}

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| style="text-align:left" | {{flag|Bulgaria}} || 28 March 1991 || €{{val|237110000}}

|-

| style="text-align:left" | {{flag|Canada}} || 28 March 1991 || €{{val|10204900001157640000}}

|-

| style="text-align:left" | {{flag|China}} || 15 January 2016 || €{{val|29000000}}

|-

| style="text-align:left" | {{flag|Croatia}} || 15 April 1993 || €{{val|109420000124120000}}

|-

| style="text-align:left" | {{flag|Cyprus}} || 28 March 1991 || €{{val|30010000}}

|-

| style="text-align:left" | {{flag|Czech Republic}} || 1 January 1993 || €{{val|256110000290530000}}

|-

| style="text-align:left" | {{flag|Denmark}} || 28 March 1991 || €{{val|360170000}}

|-

| style="text-align:left" | {{flag|Egypt}} || 28 March 1991 || €{{val|2101000030870000}}

|-

| style="text-align:left" | {{flag|Estonia}} || 28 February 1992 || €{{val|30010000}}

|-

| style="text-align:left" | [[European Investment Bank]] || 28 March 1991 || €{{val|9004400001021460000}}

|-

| style="text-align:left" | {{flag|European Union}} || 28 March 1991 || €{{val|900440000}}

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| style="text-align:left" | {{flag|France}} || 28 March 1991 || €{{val|2556510000}}

|-

| style="text-align:left" | {{flag|Georgia}} || 4 September 1992 || €{{val|3001000034040000}}

|-

| style="text-align:left" | {{flag|Germany}} || 28 March 1991 || €{{val|2556510000}}

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| style="text-align:left" | {{flag|India}} || 11 July 2018 || €{{val|9860000}}

|-

| style="text-align:left" | {{flag|IrelandIraq}} ||14 28November March 19912023 || €{{val|900400002030000}}

|-

| style="text-align:left" | {{flag|Ireland}} || 28 March 1991 || €{{val|102140000}}

|-

| style="text-align:left" | {{flag|Israel}} || 28 March 1991 || €{{val|195080000}}

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| style="text-align:left" | {{flag|Italy}} || 28 March 1991 || €{{val|2556510000}}

|-

| style="text-align:left" | {{flag|JapanIvory Coast}} ||18 2December April 19912024 || €{{val|25565100002030000}}

|-

| style="text-align:left" | {{flag|Japan}} || 2 April 1991 || €{{val|2900110000}}

|-

| style="text-align:left" | {{flag|Jordan}} || 29 December 2011 || €{{val|986000011180000}}

|-

| style="text-align:left" | {{flag|Kazakhstan}} || 27 July 1992 || €{{val|69020000}}

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| style="text-align:left" | {{flag|Liechtenstein}} || 28 March 1991 || €{{val|5990000}}

|-

| style="text-align:left" | {{flag|Lithuania}} || 5 March 1992 || €{{val|3001000034040000}}

|-

| style="text-align:left" | {{flag|Luxembourg}} || 28 March 1991 || €{{val|60020000}}

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| style="text-align:left" | {{flag|Montenegro}} || 3 June 2006 || €{{val|5990000}}

|-

| style="text-align:left" | {{flag|Morocco}} || 28 March 1991 || €{{val|2464000027950000}}

|-

| style="text-align:left" | {{flag|Netherlands}} || 28 March 1991 || €{{val|744350000844390000}}

|-

| style="text-align:left" | {{flag|New Zealand}} || 19 August 1991 || €{{val|10500000}}

|-

| style="text-align:left" | {{flag|North MacedoniaNigeria}} ||26 21February April 19932025 || €{{val|17620000522000}}

|-

| style="text-align:left" | {{flag|North Macedonia}} || 21 April 1993 || €{{val|19980000}}

|-

| style="text-align:left" | {{flag|Norway}} || 28 March 1991 || €{{val|375180000}}

|-

| style="text-align:left" | {{flag|Poland}} || 28 March 1991 || €{{val|384180000435810000}}

|-

| style="text-align:left" | {{flag|Portugal}} || 5 April 1991 || €{{val|126050000}}

|-

| style="text-align:left" | {{flag|Romania}} || 28 March 1991 || €{{val|144070000163430000}}

|-

| style="text-align:left" | {{flag|Russia}}{{NoteTag|name=2022suspension}}|| 9 April 1992 || €{{val|1200580000}}

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| style="text-align:left" | {{flag|Serbia}} || 19 January 2001 || €{{val|140310000}}

|-

| style="text-align:left" | {{flag|Slovakia}} || 1 January 1993 || €{{val|128070000145280000}}

|-

| style="text-align:left" | {{flag|Slovenia}} || 23 December 1992 || €{{val|6295000071410000}}

|-

| style="text-align:left" | {{flag|South Korea}} || 28 March 1991 || €{{val|300140000340480000}}

|-

| style="text-align:left" | {{flag|Spain}} || 28 March 1991 || €{{val|1020490000}}

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| style="text-align:left" | {{flag|Tunisia}} || 29 December 2011 || €{{val|9860000}}

|-

| style="text-align:left" | {{flag|Turkey}} || 28 March 1991 || €{{val|345150000391530000}}

|-

| style="text-align:left" | {{flag|Turkmenistan}} || 1 June 1992 || €{{val|2100000}}

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| style="text-align:left" | {{flag|United Arab Emirates}} || 23 September 2021 || €{{val|2030000}}

|-

| style="text-align:left" | {{flag|United Kingdom}} || 28 March 1991 || €{{val|25565100002900110000}}

|-

| style="text-align:left" | {{flag|United States}} || 28 March 1991 || €{{val|3001480000}}

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| style="text-align:left" | {{flag|Uzbekistan}} || 30 April 1992 || €{{val|44120000}}

|- class="sortbottom"

! 7175+2 total !! (28 March 1991) !! €{{val|2974889000029751442000}}

|}

== Public banking ==

The EBRD is a public bank, meaning that public institutions such as states are shareholders in those institutions. More precisely, public financial institutions are controlled major predominantly by public authorities (more than 50%) whereas in institutions with public participations, public authorities aren't majority shareholders.<ref>{{Cite book |last1=Schmit |first1=Mathias |title=Public Financial Institutions in Europe |last2=Gheeraert |first2=Laurent |last3=Denuit |first3=Thierry |last4=Warny |first4=Cédric |publisher=European Association of Public Banks |year=2011 |___location=Bruxelles}}</ref> Public banks were particularly involved in the economic transition of the former Soviet Republics and Central and Eastern European countries as private banks and other sources of financing didn't want to invest for reasons such as those countries’ macroeconomic difficulties as well as political reasons regarding the country’s stability for instance.<ref>{{Cite journal |last=Hurlock |first=Matthew H |date=1994 |title=New approaches to economic development: the World Bank, the EBRD, and the negative pledge clause |url=https://heinonline.org/HOL/Page?handle=hein.journals/hilj35&div=16&g_sent=1&casa_token=q3_v80WXqFkAAAAA:XwXyzOIXJLpCjPHmKSjGr1IFP_gmRSqTL7w-ptwNacOQTVm3LQzotPHqRreGtBiiagd-cpgGyw&collection=journals |journal=Harv. Int'l. LJL.J. |volume=35}}</ref>

=== Relationship with the EIB ===

In the context of the EU’s investment banking, the EBRD and the EIB have been involved in a rivalry regarding the status of the “EU’s premier development bank”. Major criticism about the EBRD in this situation is related to the fact that non-EU countries are also important shareholders whereas the EIB is completely owned by the EU.<ref>{{Cite news |date=2019-11-25 November 2019 |title=Clash intensifies over EU's development banks |work=Financial Times |url=https://www.ft.com/content/2dbbd944-0f21-11ea-a225-db2f231cfeae |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/2dbbd944-0f21-11ea-a225-db2f231cfeae |archive-date=2022-12-10 December 2022 |url-access=subscription |access-date=20 May 2022-05-20}}</ref> More recently, another source of rivalry was about becoming the new “European Climate and Sustainable Development Bank (ECSDB).<ref>{{Cite web |last=Gavas |first=Mikaela |date=9 February 9, 2021 |title=The End of the Battle of the European Banks? "Status Quo Plus" Emerges as the Winner |url=https://www.cgdev.org/blog/end-battle-european-banks-status-quo-plus-merges-winner |website=Center for Global Development {{!}} Ideas to Action}}</ref>

=== Public banks and the COVID-19 pandemic ===

More recently, since the start of the COVID-19 pandemic, public banks have had their influence and role increased as they have become important actors of the economic recovery response.<ref>{{Cite book |last=Bilal |first=Sanoussi |title=The rise of public development banks in the European financial architecture for development |publisher=Elcano Royal Institute |year=2021}}</ref> As for the European Bank for Reconstruction and Development, it has committed €21 billion between 2020 and 2021 of activities. More precisely, its own package was established within the scope of the Resilience Framework, the Trade Facilitation Programme and the Vital Infrastructure Support Programme etc.<ref>{{Cite web |title=The EBRD and the coronavirus (Covid-19) pandemic |url=https://www.ebrd.com/what-we-do/coronavirus |access-date=2022-05-20 May 2022 |website=www.ebrd.com |language=en}}</ref> In 2020 alone, it has invested €11 billion as part of 411 projects which corresponds to a 10% raison compared to 2019. 72% of its investments were received by the private sector. Moreover, because of this specific context, the EBRD focused some of its operations in sectors other than green investment meaning that it only focused 29% of its investment in this ___domain (compared to 46% in 2019).<ref>{{Cite web |title=EBRD reports record 2020 investment in response to Covid-19 |url=https://www.ebrd.com/news/2021/ebrd-reports-record-2020-investment-in-response-to-covid19.html |access-date=2022-05-20 May 2022 |website=www.ebrd.com |language=en}}</ref>

== Financing ==

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=== Financial operations ===

According to the EBRD, the bank provides different direct financial instruments such as loans, equity investments and guarantees. It also works on the assistance of SMEs through the intermediary of other banks or investment and venture capital funds which are linked to the EBRD’s investments.<ref>{{Cite web |title=EBRD project finance |url=https://www.ebrd.com/work-with-us/project-finance.html |access-date=2022-05-20 May 2022 |website=www.ebrd.com |language=en}}</ref>

=== Steps leading to a loan ===

Each project is analysed, first by the EBRD management with the negotiations and the subsequent signing of a mandate letter drafting the important information about the project plan, the expected expenses as well as the responsibilities. Secondly, the project is to be finally reviewed by the management. Later on, it is submitted to the Board of Directors for approval. After being signed for both parties, it becomes legally binding. It leads to the transfer of funds from the EBRD to the client which will in the future start to repay the bank’s loan.<ref>{{Cite web |title=How EBRD projects are financed |url=https://www.ebrd.com/work-with-us/project-finance/funding-process.html |access-date=2022-05-20 May 2022 |website=www.ebrd.com |language=en}}</ref>

==Environmental sustainability==

The EBRD is unique among development banks for two reasons. First, it was the first multilateral development bank to have an explicit environmental mandate in its charter (since 1995),<ref>{{cite web|url=https://www.ciel.org/reports/the-european-bank-for-reconstruction-and-development-an-environmental-progress-report-executive-summary-a-ciel-critique-of-ebrds-environmental-policies-november-1995-2/|title=The European Bank for Reconstruction and Development: An Environmental Progress Report, Executive Summary (A CIEL Critique of EBRD's Environmental Policies) (November, 1995)|website=www.ciel.org|date=November 1995|access-date=20 February 2020}}</ref> and second, in that it will not finance thermal coal mining and coal-fired electricity generation due to their environmental impact.<ref>{{cite web|url=https://www.ft.com/content/7d0814f0-fd6f-11e8-ac00-57a2a826423e |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/7d0814f0-fd6f-11e8-ac00-57a2a826423e |archive-date=2022-12-10 December 2022 |url-access=subscription |url-status=live|title=Development bank halts coal financing to combat climate change|website=www.ft.com|date=12 December 2018|access-date=19 February 2020}}</ref><ref>{{cite web|url=https://www.ebrd.com/news/2018/ebrd-puts-decarbonisation-at-centre-of-new-energy-sector-strategy.html|title=EBRD puts decarbonisation at centre of new energy sector strategy|website=www.ebrd.com|date=12 December 2018|access-date=19 February 2020}}</ref><ref>{{cite web|url=https://www.ebrd.com/what-we-do/sectors-and-topics/ebrd-energy-strategy-switch-coal.html|title=The EBRD's Energy Strategy and the switch from coal.|website=www.ebrd.com|access-date=1 October 2018}}</ref>

The following table shows the development of investment volume into the Green Economy Transition (GET) approach, in support of the Paris climate goals.

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{| class="wikitable"

|-

! Year !! Total investment !! GET investment !! Ratio !! Source{{Refh}}

|-

| 2016 || 9.4 billion EUR || 2.9 billion EUR || 31% || <ref name=ebrdAR2016>{{cite web|url=https://www.ebrd.com/documents/comms-and-bis/pdf-annual-report-2016-english.pdf |archive-url=https://ghostarchive.org/archive/20221009/https://www.ebrd.com/documents/comms-and-bis/pdf-annual-report-2016-english.pdf |archive-date=9 October 2022-10-09 |url-status=live|title=Annual Report 2016|website=www.ebrd.com|access-date=19 February 2020}}</ref>

|-

| 2017 || 9.7 billion EUR || 4.1 billion EUR || 43% || <ref name=ebrdAR2017>{{cite web|url=https://www.ebrd.com/documents/comms-and-bis/pdf-annual-report-2017-english.pdf |archive-url=https://ghostarchive.org/archive/20221009/https://www.ebrd.com/documents/comms-and-bis/pdf-annual-report-2017-english.pdf |archive-date=9 October 2022-10-09 |url-status=live|title=Annual Review 2017|website=www.ebrd.com|access-date=19 February 2020}}</ref>

|-

| 2018 || 9.5 billion EUR || 3.3 billion EUR || 36% || <ref name=ebrdAR2018>{{cite web|url=https://www.ebrd.com/documents/comms-and-bis/annual-report-2018-english.pdf |archive-url=https://ghostarchive.org/archive/20221009/https://www.ebrd.com/documents/comms-and-bis/annual-report-2018-english.pdf |archive-date=9 October 2022-10-09 |url-status=live|title=Annual Review 2018|website=www.ebrd.com|access-date=19 February 2020}}</ref>

|-

| 2019 || 10.1 billion EUR|| 4.6 billion EUR || 46% || <ref name=ebrd2018>{{cite web|url=https://www.ebrd.com/news/2020/ebrd-delivers-record-positive-impact-across-its-regions-in-2019.html|title=EBRD delivers record positive impact across its regions in 2019|website=www.ebrd.com|date=16 January 2020|access-date=19 February 2020}}</ref>

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=== Mediation ===

More recently, other than its original lending role, the EBRD has played a [[Mediation|mediating role]] in Europe, for instance in Moldova in 2013 and even in the Central Asian region (most notably in countries such as the Kyrgyz Republic and Tajikistan for instance) by intervening as a third party in commercial disputes which has become one of its major areas of activities. As a mediating actor, the EBRD has managed to involve other actors such as businesses and Chambers of Commerce among others. Moreover, a regional forum on commercial mediation was established by the bank as part of its work, which has managed to involve various representatives from countries in Europe and Asia, such as judges and experts for instance.<ref>{{Cite book |url=https://www.worldcat.org/oclc/1120936560 |title=International organizations and the promotion of effective dispute resolution : AIIB Yearbook of International Law 2019 |date=2019 |others=Peter Quayle, Xuan Gao |isbn=978-90-04-40741-1 |___location=Leiden |oclc=1120936560}}</ref>

=== The initial focus on transition economy ===

It is notable that one of the main objectives of the European Bank for Reconstruction and Development was to become a link between the European Union, its institutions and the countries it would focus on.<ref name=":2" /> As the recipients were previously centrally planned economies, the ERBD centered through [[Transition economy|its operations]] on working with the private sector, which was the principal target of central planning.<ref>{{Cite book |last=Kilpatrick |first=Andrew |url=https://www.worldcat.org/oclc/1199584403 |title=After the Berlin Wall : a History of the EBRD, Volume 1 |date=2020 |others=Project MUSE |isbn=978-963-386-385-5 |___location=New York |oclc=1199584403}}</ref> Focusing on the integration and modernisation process, as part of its projects, the EBRD has notably invested in important sectors such as telecommunications in the Central and Eastern European countries.

=== To modern challenges ===

Since the 90s, recipients of EBRD financing have diversified, in fact, from mainly targeting EEC countries, the bank has moved to the Asian continent and increasingly focused on other countries such as China.<ref name=":4">{{Cite journal |last1=Obydenkova |first1=Anastassia |last2=Rodrigues Vieira |first2=Vinícius G. |last3=Tosun |first3=Jale |date=2021-08-17 August 2021 |title=The impact of new actors in global environmental politics: the European Bank for Reconstruction and Development meets China |url=https://www.tandfonline.com/doi/full/10.1080/14631377.2021.1954825 |journal=Post-Communist Economies |volume=34 |issue=5 |language=en |pages=603–623 |doi=10.1080/14631377.2021.1954825 |s2cid=238713706 |issn=1463-1377|url-access=subscription }}</ref> More generally, Suma Chakrabarti, the EBRD president from 2012 to 2020, has pushed in the beginning of the 2010s for modernizing the bank. Reforms encompassed the bank's structure in itself, for instance by changing the management team, and its processes (for instance about policy dialogue or methodology regarding the concept of transition) in order for them to be more efficient.<ref name=":5">{{Cite book |last=Kilpatrick |first=Andrew |url=https://www.worldcat.org/oclc/1266195846 |title=Transforming markets : a development bank for the 21st century : a history of the EBRD : Volume 2 |date=2021 |isbn=978-963-386-412-8 |___location=New York, NY |oclc=1266195846}}</ref>

=== Sustainable market economies ===

Since the 2000s, the focus has shifted towards the issue over sustainable market economies, notably in the context of the [[2008 financial crisis of 2007]], which harshly impacted population and their trust in financial institutions, democracy and free market. As a result, a rethinking of the concept of transition has taken place within the EBRD and has impacted the activities of the bank. Furthermore, the concept of transition was reviewed in 2015. In fact, it led to the idea that the ideal market economy is made of a greatly competitive, resilient and integrated market and is complemented by a good governance system conducted by a well-functioning state which has to be environmental friendly and inclusive.<ref name=":5" />

In [[Armenia]], EBRD has been operating since 1986, investing over €2 billion in over 200 projects. More than 90% of these investments have been made in private enterprises.<ref>{{Cite web |date=31 October 31, 2022 |title=EBRD activity in Armenia to date|work=European Bank for Reconstruction and Development (EBRD)|url=https://www.ebrd.com/where-we-are/armenia-data.html|access-date=9 December 9, 2022}}</ref> The bank's key areas of investment include the financial sector, SMEs, and sustainable infrastructure. They invest, engage in policy-making, and offer technical assistance in order to encourage these areas locally. The EBRD invests around €150 million in [[Economy of Armenia|Armenia's economy]] every year. Its partner financial institutions lend approximately €100 million to local SMEs through a variety of programs that promote trade, green energy, and financial access.<ref>{{Cite news |date=6 December 6, 2022 |title=EBRD invested over €2 billion in over 200 projects during 30 years of operation in Armenia|work=armenpress |url=https://armenpress.am/eng/news/1098929.html/|access-date=9 December 9, 2022}}</ref>

=== Related to environment and climate change ===

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==== Environmentally harmful projects ====

Some [[NGO]]s have criticized the EBRD for financing projects they consider to be environmentally and socially harmful. Although it has increased its investments intoin [[Energy conservation|energy efficiency]] and [[sustainable energy]] in recent years, thesethe NGOs considersay the bank continues to diminishdiminishes the impacts of green investments by financing [[Emission intensity|carbon-intensive]] development such as coal, oil, and gas production, transportation, and generation, motorways, airports, fast food, and airportsanimal agriculture.<ref name="bankwatch.org">{{Cite web |title=European Bank for Reconstruction and Development (EBRD) |url=https://bankwatch.org/ebrd |access-date=2022-03-29 March 2022 |website=Bankwatch |language=en-US}}</ref><ref>{{Cite web |date=2006-08-25 August 2006 |title=The European Bank for Reconstruction and Development: An Environmental Progress Report |url=http://www.ciel.org/Publications/summary1.html |access-date=2022-03-29 March 2022 |website= |archive-url=https://web.archive.org/web/20060825144737/http://www.ciel.org/Publications/summary1.html |archive-date=25 August 2006 |url-status=dead}}</ref> Among the contested projects are the [[Ombla#Proposed power plant|Ombla power plant]] in [[Croatia]],<ref>{{Cite web |last=Gavas |first=Mikaela |date=2014-06-27 June 2014 |title=Reviewing the evidence: how well does the European Development Fund perform? |url=https://odi.org/en/publications/reviewing-the-evidence-how-well-does-the-european-development-fund-perform/ |access-date=2022-03-29 March 2022 |website=ODI: Think change |language=en-gb}}</ref><ref>{{Cite web |date=2013-07-10 July 2013 |title=HEP and EBRD cancel loan agreement for Ombla power plant – Daily – tp… |url=http://daily.tportal.hr/264455/HEP-and-EBRD-cancel-loan-agreement-for-Ombla-power-plant.html |archive-url=https://archive.today/20130710131356/http://daily.tportal.hr/264455/HEP-and-EBRD-cancel-loan-agreement-for-Ombla-power-plant.html |url-status=dead |archive-date=2013-07-10 July 2013 |access-date=2022-03-29 March 2022 |website=archive.ph}}</ref> the [[Kumtor Gold Mine]] in [[Kyrgyzstan]], and the [[Šoštanj#Power station|Šoštanj]] [[lignite]] power plant in [[Slovenia]].<ref name="bankwatch.org"/>

In 2025, the EBRD considered investing €40 million to expand [[Burger King]] and [[Popeyes]] locations across Poland, Romania, and the Czech Republic, but cancelled the plan following opposition by [[environmental movement|environmental]] and [[animal welfare]] activists.<ref>{{cite news |last1=Dumitrescu |first1=Radu |title=EBRD backs Burger King expansion in Romania and the region with EUR 40 mln |url=https://www.romania-insider.com/ebrd-backs-burger-king-expansion-jun-2024 |access-date=1 August 2025 |work=Romania Insider |date=16 June 2025 |archive-url=http://web.archive.org/web/20250716170449/https://www.romania-insider.com/ebrd-backs-burger-king-expansion-jun-2024 |archive-date=16 July 2025}}</ref><ref>{{cite web |title=EBRD Cancels €40M Burger King Investment After S3F Member Pushback |url=https://stopfinancingfactoryfarming.com/ebrd-cancels-e40m-burger-king-investment-after-s3f-member-pushback/ |website=Stop Financing Factory Farming |access-date=1 August 2025 |date=17 July 2025}}</ref>

==== The Balkans ====

The EBRD's activities in the [[Balkans]] have attracted particular controversy and criticism,<ref>{{Cite web |date=2015-12-11 December 2015 |title=Major banks put up nearly €1bn for controversial Balkan dams, says report |url=http://www.theguardian.com/environment/2015/dec/11/major-banks-put-up-nearly-1bn-for-controversial-balkan-dams-says-report |access-date=2022-03-29 March 2022 |website=The Guardian |language=en}}</ref> especially when they have centered on national parks or free-flowing rivers.<ref>{{Cite magazine |title=Europe's Last Wild River Is About to Get Dammed |url=https://time.com/4430986/albania-vjosa-river-dam-hydropower/ |access-date=2022-03-29 March 2022 |magazine=Time |language=en}}</ref> This has often involved the completed 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, 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 |title=Blue Heart of Europe |url=http://blueheart.patagonia.com/intl/en/take-action/ |access-date=2022-03-29 March 2022 |website=Blue Heart of Europe |language=en}}</ref>

In 2011, the EBRD approved a €65 million loan to ELEM, the [[Republic of North Macedonia|Macedonian]] electricity utility, for a dam at [[Boškov Most Hydro Power Plant|Boskov Most]].<ref>{{Cite web |title=Macedonia's ELEM invites bids for Boskov Most HPP construction – EBRD |url=http://seenews.com/news/macedonias-elem-invites-bids-for-boskov-most-hpp-construction-ebrd-396208 |access-date=2022-03-29 March 2022 |website=seenews.com |date=20 December 2013 |language=en}}</ref> The Standing Committee of the Bern Convention<ref name=":6">{{Cite web |date=2015 |title=Convention on the Conservation of European Wildlife and Natural Habitats, Standing Committee, 35th Meeting |url=https://rm.coe.int/1680746676}}</ref> requested immediate suspension of the project, with reference to the high biodiversity of the area and its importance as a core reproductive area for the [[Balkan lynx]],<ref name=":6" /> one of the most endangered mammals on the planet. In January 2017, the bank cancelled the loan saying the "conditions for disbursement were not met."<ref>{{Cite web |title=EBRD statement on Boskov Most hydro power plant |url=https://www.ebrd.com/boskov-most-cancellation |access-date=2022-03-29 March 2022 |website=www.ebrd.com |language=en}}</ref><ref>{{Cite web |title=Destructive hydropower project in Macedonia loses its only source of funding |url=https://bankwatch.org/press_release/destructive-hydropower-project-in-macedonia-loses-its-only-source-of-funding |access-date=2022-03-29 March 2022 |website=Bankwatch |language=en-US}}</ref>

Again in North Macedonia, the EBRD was criticised by environmentalists<ref>{{Cite web |title=Macedonia: EBRD's planned destruction of Lake Ohrid Biosphere Reserve |url=https://theecologist.org/2015/oct/27/macedonia-ebrds-planned-destruction-lake-ohrid-biosphere-reserve |access-date=2022-03-29 March 2022 |website=theecologist.org |date=27 October 2015 |language=en}}</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. Scientists from North Macedonia and across the world signed a declaration in opposition to this and other projects proposed for the Ohrid-Prespa region,<ref>{{Cite web |date=2015-04-15 April 2015 |title=DECLARATION ON PRESERVING THE WORLD NATURAL AND CULTURAL HERITAGE OF OHRID |url=https://ohridsos.org/declaration-on-preserving-the-world-natural-and-cultural-heritage-of-ohrid/ |access-date=2022-03-29 March 2022 |website=Ohrid SOS |language=en}}</ref> 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>{{Cite web |last=Centre |first=UNESCO World Heritage |title=UNESCO World Heritage Centre – Document – Report of the joint World Heritage Centre/ICOMOS/IUCN Reactive Monitoring mission to the World Heritage property Natural and Cultural Heritage of the Ohrid Region (the former Yugoslav Republic of Macedonia), 9 – 14 April 2017 |url=https://whc.unesco.org/en/documents/158740/ |access-date=2022-03-29 March 2022 |website=UNESCO World Heritage Centre |language=en}}</ref> This recommendation was underlined by the [[World Heritage Committee]] at its 41st session in Kraków.<ref>{{Cite web |last=Centre |first=UNESCO World Heritage |title=41 COM 7B.34 – Decision |url=https://whc.unesco.org/en/decisions/7036/ |access-date=2022-03-29 March 2022 |website=UNESCO World Heritage Centre |language=en}}</ref> Eventually, in February 2018, the Republic of North Macedonia abandoned plans for the road, redirecting the EBRD's funds to other infrastructure projects.<ref>{{Cite web |last=Centre |first=UNESCO World Heritage |title=Natural and Cultural Heritage of the Ohrid region |url=https://whc.unesco.org/en/list/99/ |access-date=2022-03-29 March 2022 |website=UNESCO World Heritage Centre |language=en}}</ref>

=== Regarding the targeted countries ===

Even though, its major objectives is to push for democracy and respect of human rights, the EBRD has been accused of not working towards those goals by not applying enough pressure and even "holding its annual meetings in dictator-run countries".<ref name=":0" /> Furthermore, reports have highlighted the fact that an important part of the loans provided by the EBRD go to countries with authoritarian leaders as of the beginning of 2022, including states such as Belarus or Egypt among others, and this despite its major objective of promoting democracy.<ref>{{Cite news |last1=Pitel |first1=Laura |last2=Fleming |first2=Sam |date=2022-01-30 January 2022 |title=Does the EBRD still finance freedom? |work=Financial Times |url=https://www.ft.com/content/71f715e9-d9ef-4641-8936-4ed5495e09be |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/71f715e9-d9ef-4641-8936-4ed5495e09be |archive-date=2022-12-10 December 2022 |url-access=subscription |access-date=2022-03-29 March 2022}}</ref>

==== 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]].<ref name="web.archive.org">{{Cite web |date=2014-07-29 July 2014 |title=EBRD statement on operational approach in Russia [EBRD – News and events] |url=http://www.ebrd.com/pages/news/press/2014/140723b.shtml |access-date=2022-03-29 March 2022 |website= |archive-url=https://web.archive.org/web/20140729143341/http://www.ebrd.com/pages/news/press/2014/140723b.shtml |archive-date=29 July 2014 |url-status=dead}}</ref> The European Council declaration was made in the context of the [[2014 pro-Russian unrest in Ukraine]].<ref>{{Cite web |date=2014 |title=European Council conclusions on external relations |url=http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/143990.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/143990.pdf |archive-date=9 October 2022-10-09 |url-status=live}}</ref> 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.<ref>{{Cite web |date=2014-07-16 July 2014 |title=EU poised to cut funding to Russia and widen sanctions over Ukraine conflict |url=http://www.theguardian.com/world/2014/jul/16/eu-cut-funding-sanction-russia-ukraine-banks-assets |access-date=2022-03-29 March 2022 |website=The Guardian |language=en}}</ref> The bank stated that it will continue to manage ongoing projects in Russia.<ref name="web.archive.org"/> Despite denying Russia new funds, the EBRD continues to insist on its 6.1% of ownership in the [[Moscow Stock Exchange]], seeking profits from Russia with the [[privatisation of the Soviet economy]].<ref>{{Cite book |url=https://www.worldcat.org/oclc/988167038 |title=The unwinding of the globalist dream : EU, Russia and China |date=2018 |others=Steven Rosefielde |isbn=978-981-322-206-9 |___location=Singapore |oclc=988167038}}</ref>

==== Azerbaijan's oil and gas sector ====

[[File:Ilham Aliyev met with President of European Bank for Reconstruction and Development in Munich 01.jpg|thumb|Bank's President [[Odile Renaud-Basso]] with Azerbaijan's President [[Ilham Aliyev]] in February 2024]]

Building [[Southern Gas Corridor]], European countries and companies support gas export from [[Azerbaijan]] and contribute to finance Azerbaijan's government.<ref>{{Cite web |last=Welle (www.dw.com) |first=Deutsche |title=In Azerbaijan, EU focuses on energy instead of democracy {{!}} DW {{!}} 08.10.8 October 2013 |url=https://www.dw.com/en/in-azerbaijan-eu-focuses-on-energy-instead-of-democracy/a-17145518 |access-date=2022-03-29 March 2022 |website=DW.COM |language=en-GB}}</ref><ref>{{Cite news |date=18 October 2017-10-18 |title=EBRD board approves $500 mln loan for TANAP gas pipeline project |language=en |work=Reuters |url=https://www.reuters.com/article/europe-gas-ebrd-idUKL8N1MR4YS |access-date=2022-03-29 March 2022}}</ref> The [[Ilham Aliyev|Aliyev]] regime is considered by many [[Non-governmental organization|NGOs]] and watchdogs organizations as [[Human rights in Azerbaijan|repressive]] and activists and journalists are regularly arrested on false charges and imprisoned.<ref>{{Cite web |date=24 May 2016-05-24 |title=Azerbaijan: Bank Chief Should Raise Rights Issues |url=https://www.hrw.org/news/2016/05/24/azerbaijan-bank-chief-should-raise-rights-issues |access-date=2022-03-29 March 2022 |website=Human Rights Watch |language=en}}</ref><ref>{{Cite journal |date=20 October 2016-10-20 |title=Harassed, Imprisoned, Exiled: Azerbaijan's Continuing Crackdown on Government Critics, Lawyers, and Civil Society |journal=Human Rights Watch |url=https://www.hrw.org/report/2016/10/20/harassed-imprisoned-exiled/azerbaijans-continuing-crackdown-government-critics |language=en |last1=Gogia |first1=Giorgi }}</ref> The [[International Federation for Human Rights]] (FIDH) wrote in 2015, that "for more than a decade Azerbaijan has made shameless use of [[caviar diplomacy]] to charm European governments, its most important oil and gas clients".<ref>{{Cite web |title='Azerbaijan is turning into a dictatorship – we shouldn't fall for its caviar diplomacy' |url=https://www.fidh.org/en/region/europe-central-asia/azerbaijan/azerbaijan-is-turning-into-a-dictatorship-we-shouldn-t-fall-for-its |access-date=2022-03-29 March 2022 |website=International Federation for Human Rights |language=en}}</ref> The EEC BankWatch warns that "Developing Shah Deniz stage 2 and the Southern Gas Corridor is likely to cement further the oppressive structures of the Aliyev government".<ref>{{Cite web |title=Pipedreams: Public subsidies for Lukoil in Azerbaijan (report by Bankwatch Network, Jan. 2015) by Both ENDS – Issuu |url=https://issuu.com/both_ends/docs/bankwatch_pipedreams-lukoil-jan2015 |access-date=2022-03-29 March 2022 |website=issuu.com |date=23 January 2015 |language=en}}</ref>

The EBRD has invested over 3 billion euros ($3.5 billion) in 177 projects in Azerbaijan.<ref>{{Cite web |date=2021-06-30 June 2021 |title=EBRD invested $3.5bn in 177 projects in Azerbaijan [PHOTO] |url=https://www.azernews.az/business/180690.html |access-date=2022-03-29 March 2022 |website=AzerNews.az |language=en}}</ref> The EBRD approved three loans for the [[Shah Deniz gas field]] (US$200 million, US$250 million and US$100 million) as well as a US$500 million loan for the [[Trans-Anatolian gas pipeline]] (TANAP), and stated its financial support to the [[Trans Adriatic Pipeline]] (TAP) could amount to EUR 1.2 billion.<ref>{{Cite web |title=Southern Gas Corridor |url=https://bankwatch.org/project/southern-gas-corridor-euro-caspian-mega-pipeline |access-date=2022-03-29 March 2022 |website=Bankwatch |language=en-US}}</ref>

Building [[Southern Gas Corridor]], European countries and companies support gas export from [[Azerbaijan]] and contribute to finance Azerbaijan's government.<ref>{{Cite web |last=Welle (www.dw.com) |first=Deutsche |title=In Azerbaijan, EU focuses on energy instead of democracy {{!}} DW {{!}} 08.10.2013 |url=https://www.dw.com/en/in-azerbaijan-eu-focuses-on-energy-instead-of-democracy/a-17145518 |access-date=2022-03-29 |website=DW.COM |language=en-GB}}</ref><ref>{{Cite news |date=2017-10-18 |title=EBRD board approves $500 mln loan for TANAP gas pipeline project |language=en |work=Reuters |url=https://www.reuters.com/article/europe-gas-ebrd-idUKL8N1MR4YS |access-date=2022-03-29}}</ref> The [[Ilham Aliyev|Aliyev]] regime is considered by many [[Non-governmental organization|NGOs]] and watchdogs organizations as [[Human rights in Azerbaijan|repressive]] and activists and journalists are regularly arrested on false charges and imprisoned.<ref>{{Cite web |date=2016-05-24 |title=Azerbaijan: Bank Chief Should Raise Rights Issues |url=https://www.hrw.org/news/2016/05/24/azerbaijan-bank-chief-should-raise-rights-issues |access-date=2022-03-29 |website=Human Rights Watch |language=en}}</ref><ref>{{Cite journal |date=2016-10-20 |title=Harassed, Imprisoned, Exiled: Azerbaijan's Continuing Crackdown on Government Critics, Lawyers, and Civil Society |journal=Human Rights Watch |url=https://www.hrw.org/report/2016/10/20/harassed-imprisoned-exiled/azerbaijans-continuing-crackdown-government-critics |language=en |last1=Gogia |first1=Giorgi }}</ref> The [[International Federation for Human Rights]] (FIDH) wrote in 2015, that "for more than a decade Azerbaijan has made shameless use of [[caviar diplomacy]] to charm European governments, its most important oil and gas clients".<ref>{{Cite web |title='Azerbaijan is turning into a dictatorship – we shouldn't fall for its caviar diplomacy' |url=https://www.fidh.org/en/region/europe-central-asia/azerbaijan/azerbaijan-is-turning-into-a-dictatorship-we-shouldn-t-fall-for-its |access-date=2022-03-29 |website=International Federation for Human Rights |language=en}}</ref> The EEC BankWatch warns that "Developing Shah Deniz stage 2 and the Southern Gas Corridor is likely to cement further the oppressive structures of the Aliyev government".<ref>{{Cite web |title=Pipedreams: Public subsidies for Lukoil in Azerbaijan (report by Bankwatch Network, Jan. 2015) by Both ENDS – Issuu |url=https://issuu.com/both_ends/docs/bankwatch_pipedreams-lukoil-jan2015 |access-date=2022-03-29 |website=issuu.com |date=23 January 2015 |language=en}}</ref>

The EBRD has invested over 3 billion euros ($3.5 billion) in 177 projects in Azerbaijan.<ref>{{Cite web |date=2021-06-30 |title=EBRD invested $3.5bn in 177 projects in Azerbaijan [PHOTO] |url=https://www.azernews.az/business/180690.html |access-date=2022-03-29 |website=AzerNews.az |language=en}}</ref> The EBRD approved three loans for the [[Shah Deniz gas field]] (US$200 million, US$250 million and US$100 million) as well as a US$500 million loan for the [[Trans-Anatolian gas pipeline]] (TANAP), and stated its financial support to the [[Trans Adriatic Pipeline]] (TAP) could amount to EUR 1.2 billion.<ref>{{Cite web |title=Southern Gas Corridor |url=https://bankwatch.org/project/southern-gas-corridor-euro-caspian-mega-pipeline |access-date=2022-03-29 |website=Bankwatch |language=en-US}}</ref>

== See also ==