EBRD member countries. European Bank for Reconstruction and Development (EBRD). Actual assistance to Ukraine

The EBRD (European Bank for Reconstruction and Development - EBRD) was established in 1990 and began operations in April 1991. The current President of the Bank is Sir Suma Chakrabarti, who was elected to this post during a meeting of the EBRD Board of Governors in London on May 18 2012 (re-elected for another four-year term in May 2016). The headquarters of the EBRD is located in London.

Goals. Promoting the transition to a market economy and the development of private entrepreneurship in the countries of Central and Eastern Europe and the CIS.

Membership. The Bank has 67 shareholders: 65 states (including all countries former USSR) and 2 international organizations - the European Union and the European investment bank. According to the Charter, non-European countries that are members of the IMF can also be shareholders of the Bank. In October 2012, the EBRD Board of Directors decided to include Kosovo as a member of the Bank, in 2014 Cyprus was included, and in 2015 China.

Authorized capital Jar. The authorized share capital is 30 billion euros (in 2010, during the 19th annual meeting, the Board of Governors of the Bank decided to increase the authorized capital by 10 billion euros, from 20 to 30 billion euros; this measure was considered as temporary and was due to the need to increase the volume of EBRD operations in order to effectively fulfill the countercyclical functions of multilateral development banks, but at this moment it remains in effect). The number of votes is distributed according to the number of shares.

Russia, as the legal successor of the USSR, has the status of a founder of the EBRD and has a voting share of 4.1% (the USSR's share was 6%).

Structure. The supreme body of the EBRD is Board of Governors . It determines the main directions of the Bank's activities. Each of the EBRD's member countries has one representative on the Board of Governors (usually at the level of the Minister of Finance or the Chairman central bank) and one deputy. Executive agency - Board of Directors - consists of 23 members, makes decisions on the Bank's policies, approves new projects and credit lines for their financing. President of the Bank leads current activities EBRD, chairs meetings of the Board of Directors and participates in sessions of the Board of Governors. Elected for 4 years and manages the staff of the EBRD (The total number of staff of the Bank at the headquarters and in representative offices is about 1,848 people). Vice Presidents are appointed on the recommendation of the President by the Board of Directors.

Manager from Russian Federation at the EBRD - Minister economic development A.V.Ulyukaev, Deputy Manager - Deputy Minister of Finance S.A. Storchak. The post of Director for the Russian Federation, Belarus and Tajikistan is currently occupied by D.S. Morozov. The Russian Directorate has represented the interests of the Republic of Belarus and Tajikistan at the EBRD since October 1992. The main tasks of the Directorate are traditionally to increase the volume of operations in the country and improve the quality of the portfolio of country projects.

The Bank has 38 representative offices in 32 countries of operations, including Russia (on March 29, 1993, the Government of the Russian Federation and the EBRD signed an Agreement on the EBRD Resident Representative in Russia; at the moment, new operations are suspended).

Financial results of the EBRD. In 2015, the EBRD's operations amounted to €9.4 billion, up 6% from 2014 (€8.9 billion), with a total of 381 transactions (377 in 2014). Net profit The EBRD's income in 2015 amounted to 802 million euros (against a loss of 568 million euros in 2014). There are negative trends in activity, such as an increase in the share government projects(while the EBRD is intended to finance primarily private sector), a decrease in the quality of the bank’s projects (the indicator of problem loans increased from 3.3% at the end of 2013 to 5.9% at the end of 2015), an increase in debt financing due to a decrease in capital investments.

EBRD political agenda. The bank is constantly expanding the geography of its activities. In 1997, the EBRD began implementing its first projects in BiH (became a member of the EBRD in June 1996) and Tajikistan, and in 2001 in Serbia and Montenegro. In fact, the Bank is now the largest source of direct investment in the CEE and CIS regions.

In 2011-2012 The EBRD's political agenda was dominated by the events of the Arab Spring, which resulted in the adoption of amendments to the EBRD's constituent documents aimed at further expanding the Bank's region of operations, in particular several countries in North Africa and the Eastern Mediterranean, and accepting new countries as shareholders.

Another notable “plot” in the EBRD’s work is the continued assistance to Eastern European banking systems (“Vienna 2.0 Initiative”) in order to prevent them from losing liquidity and capital due to a decrease in the level of leverage of Western European banks, which in turn have long been the basis banking systems a number of countries in Eastern Europe.

In 2014, the process of suspending the approval of new Bank projects in Russia began, which negatively affected the results of its activities, but operations in Russia have not yet been resumed. Compensating for losses in the Russian direction, the EBRD increased its portfolio of operations in Turkey, Ukraine and Mediterranean countries.

In 2015, during a meeting of the Board of Governors in Tbilisi, the “EBRD Strategic Capital Program for 2016-2020” was adopted. (medium-term development strategy of the bank), which replaced the next “review of capital resources”. The strategy focuses on global problems on achieving sustainable development, food security, gender issues, equality economic opportunities, employment promotion, etc.

EBRD investment activities in countries of operations. The EBRD helps develop the private sector, strengthen financial institutions And legal systems, as well as the development of infrastructure necessary to support the private sector. At the same time, unlike other international financial organizations The Bank's Charter contains a kind of political mandate stipulating that all countries in which the Bank operates must be committed to the principles of multi-party democracy, pluralism, etc.

Among the most important structural indicators of the EBRD's activities are portfolio ratio– percentage of funds allocated to the private sector of the economy of the countries of operations. This indicator reflects the extent to which the Bank fulfills its statutory objectives related to supporting the development of private enterprises and entrepreneurship in countries with transition economy(according to the Charter, at least 60% of the Bank’s resources must be directed to the private sector).

Providing government guarantees for projects in private sphere are not required and are based on risk-adjusted payback calculations. The main criteria for selecting projects are: “sound banking principles”; “additionality” (i.e. the EBRD is not trying to replace commercial sources of financing); the opportunity to influence the processes of transition to a market economy (transition impact).

The total cost of a typical project is around €25 million, of which the EBRD directly finances 35% of the amount and the remainder is provided by project sponsors. Therefore, the Bank’s activity in a particular country is a kind of barometer for foreign investors.

The Bank also provides technical assistance to the development of small and micro businesses, which is financed both from the core resources of the EBRD and from the resources of 11 special funds: eight special investment funds and three special technical cooperation funds. Environmental protection, nuclear safety, etc. occupy an important place in the EBRD’s activities.

EBRD project portfolio by sector and region. In terms of industry, the bulk of the Bank's operations are in the financial sector, infrastructure projects, energy and industrial sector. The distribution of transactions by sector in 2015 was as follows: 22% (2.1 billion euros) were in the corporate sector (industry, trade and agro-industrial sector), 31% (2.9 billion euros) in the financial sector, 27 % (2.5 billion euros) – energy and Natural resources, 19% (1.7 billion euros) - for infrastructure.

The geographical structure of the Bank's operations by region as of the end of 2015 changed compared to previous years: the share of South-Eastern Europe decreased from 19% in 2014 to 13.6% in 2015 (approximately 1.3 billion euros), Eastern Europe and Transcaucasia also fell from 24% to 17.8% (approx. 1.7 billion euros), the share of the CE and Baltic countries increased from 12% to 12.8% (up to 1.2 billion euros), the share of the countries of the Southern and Eastern Mediterranean increased from 12% to 15.5%, or almost up to 1.5 billion euros). Russia's share, due to the suspension of new operations in 2014, continued to fall - from 21.3% in 2013 to 6.9% in 2014 and to 1% in 2015 (106 million euros).

The largest countries of operations of the EBRD in 2015 were: Turkey (1.9 billion euros), Ukraine (0.99 billion euros), Egypt (0.8 billion euros) and Kazakhstan (0.7 billion euros).

The European Bank for Reconstruction and Development (EBRD) was established in 1991 to assist the countries of Central and Eastern Europe and the Commonwealth of Independent States (CIS) in establishing a market economy after the collapse of the command system. In facilitating the transition to a market-oriented economy, the Bank provides direct financing for private sector activities, structural adjustment and privatization, as well as financing for the infrastructure that supports such activities. Its investments also help to build and strengthen organizational structures. The EBRD's main forms of financing are loans, equity investments (shares) and guarantees.

Based in London, the EBRD is an international organization with 60 members (58 countries, the European Community and the European Investment Bank). Each member country is represented on the Bank's Board of Governors and Board of Directors.

Functions of the EBRD. The EBRD supports member countries in implementing structural and sectoral reforms, including de-monopolization and privatization, to fully integrate their economies into world economy by facilitating:

Organization, modernization and expansion of production, competitive and private enterprise activities, primarily small and medium-sized enterprises;

Mobilization of national and foreign capital and effective management by them;

Investments in production in order to create a competitive environment and increase its efficiency, quality of life and improve labor productivity;

Providing technical assistance in the preparation, financing and implementation of projects;

Stimulate and encourage the development of capital markets;

Implementation of solid and economically feasible projects involving more than one recipient country;

Environmentally sustainable development.

Managment structure. 1. Board of Governors, in which each member of the EBRD is represented by one manager and one deputy, is the supreme body determining the main directions of the Bank's activities. Meetings are held once a year, and additional meetings may be called by the Board of Governors or the Directorate. The Board of Governors may delegate its powers in whole or in part to the Directorate, with the exception of admitting and determining the conditions for the admission of new members, changing the size of the authorized capital, suspending membership, electing directors and the president, determining the salaries of directors and deputy directors, approving the general balance sheet, amending the Charter and termination of the Bank's operations. At the same time, the Board of Governors retains full power in relation to all tasks entrusted to the Directorate. The number of votes each member has is equal to the number of votes of his subscribed shares in the share capital of the Bank.

2. President of the EBRD elected for four years (re-election possible) by the Board of Governors by a simple majority of votes of the total number of governors. The President manages current affairs according to the instructions of the Directorate. He presides over meetings of the Directorate and may participate in meetings of the Board of Governors. He is an authorized representative of the Bank. Heading the staff of the Bank, the President, in accordance with the rules established by the Directorate, is responsible for the organization EBRD work, as well as for the hiring and dismissal of full-time employees. Vice Presidents are appointed on the recommendation of the President by the Directorate, which determines the terms of office, as well as their powers and functions.

3. Board of Directors - this is the main one executive agency. He is in charge of current issues of the Bank's work. The Directorate makes decisions regarding the provision of loans, regarding guarantees for equity investments, attraction of loans and provision of technical assistance. He approves the EBRD budget.

4. Environmental Advisory Council consists of environmental experts from Central and Eastern Europe and OECD countries, as well as consultants on environmental policy and strategy related to the Bank's “environmental mandate”.

Capital. The Bank's capital resources include authorized capital, borrowed funds and funds received for the repayment of loans or guarantees of the Bank, income derived from the Bank's investments, and any other financial resources and income not forming part of the resources of its special funds. In accordance with the Founding Agreement, a number of funds were created:

1) with the participation of Denmark, Iceland, Norway, Finland and Sweden - the Baltic Special Investment Fund for promoting the private sector by supporting small and medium-sized enterprises in the Baltic countries, as well as the Baltic Special Fund for Technical Assistance to promote the development of market economies in these countries;

2) Russian Special Fund for Small Businesses for the Development of the Private Sector;

3) Russian special fund for technical assistance to small businesses.

The doubling of the Bank's capital to €20 billion became a reality in April 1997. This enabled the Bank to continue to meet growing demand for its services and maintain financial self-sufficiency.

EBRD financing. EBRD financing is project specific and is provided for either strengthening financial institutions or structural reorganization large companies, and in the form of small loans to companies with only a few employees. Large investments or infrastructure projects (both private and with the participation of local or Central authorities) are financed by the Bank directly, often jointly with partners. Small investments are made through financial intermediaries: local banks or investment funds.

A key feature of the EBRD that sets it apart from other institutions is its support for the private sector, which is the essence of the EBRD's Charter, which requires at least 60% of the Bank's funding to go to the private sector.

The Bank strives to help primarily companies experiencing difficulties in obtaining financing from other sources. It places special emphasis on small and medium-sized enterprises, which play a critical role in the development of the private sector. Acting like commercial Bank and a development bank, the EBRD provides funds for private enterprises or those that may be privatized, as well as for physical and financial infrastructure projects in support of the private sector.

Protocol:

Year of formation: 1991

Bank shareholders: 66 states and 2 international organizations: Australia, Austria, Azerbaijan, Albania, Armenia, Belarus, Belgium, Bulgaria, Bosnia and Herzegovina, Great Britain, Hungary, Germany, Greece, Georgia, Denmark, Egypt, Israel, Ireland, Iceland, Spain, Italy , Kazakhstan, Canada, Cyprus, China, Kyrgyzstan, Latvia, Lebanon, Lithuania, Liechtenstein, Luxembourg, Macedonia, Malta, Morocco, Mexico, Moldova, Mongolia, the Netherlands, New Zealand, Norway, Poland, Portugal, Russia, Romania, Serbia, Slovakia, Slovenia, USA, Tajikistan, Turkmenistan, Turkey, Uzbekistan, Ukraine, Finland, France, Croatia, Montenegro, Czech Republic, Switzerland, Sweden, Estonia, South Korea, Japan, European Union, European Investment Bank.

History of education: The European Bank for Reconstruction and Development (EBRD) was created in 1991, during the collapse of the communist system, to support the development and strengthening of the private sector in a democracy. Today the EBRD uses investment as a tool to help establish market economy and democracies in 36 countries on three continents. The EBRD is the largest investor in the region and, in addition to allocating its own funds attracts significant volumes of direct foreign investment.

Operating activities: In all its investment operations, the EBRD must: contribute to the development of a full-fledged market economy in the country, i.e. ensure impact on the transition process; take risks to assist private investors without driving them out of the market; apply sound management principles banking. With the help of their EBRD investment promotes: implementation of structural and sectoral reforms; development of competition, privatization and entrepreneurship; strengthening financial institutions and legal systems; developing the necessary infrastructure to support the private sector; implementation of a reliably operating system corporate governance, including in order to solve environmental problems.

The information was prepared based on materials from the EBRD website www.ebrd.com

The EBRD stimulates co-financing and attraction of foreign direct investment; attracts domestic capital; provides technical assistance.

Managment structure: The powers of the EBRD are the prerogative of the Board of Governors, to which each member appoints a governor (usually the Minister of Finance). The Board of Governors delegates most of its powers to the Board of Directors, which is responsible for setting the strategic direction of the EBRD. The President, elected by the Board of Governors, is the legal representative of the EBRD. The President manages the day-to-day activities of the Bank under the direction of the Board of Directors.

The headquarters of the EBRD is located in London.

Address: One Exchange Square, London EC2A 2JN, United Kingdom

Telephone:+44 20 7338 6000 Fax: +44 20 7338 6100

European Bank for Reconstruction and Development(EBRD), unlike the IMF and IBRD, created in 1944 on the basis of the Bretton Woods Agreement, was established 45 years later on the basis of the Agreement of May 29, 1990.

The founders of the EBRD were 40 countries, including the USSR. These include: all European countries (except Albania), USA, Canada, Mexico, Morocco, Egypt, Israel, Japan, New Zealand, Australia, South Korea, as well as the EEC and the European Investment Bank (EIB). Subsequently, the shares of the USSR, Czechoslovakia and the SFRY were distributed among the new states that emerged as a result of their collapse. In addition to European countries, all members of the IMF can be its members.

Currently, the EBRD's shareholders are 63 countries (including all European countries), as well as the European Union and the EIB. The headquarters of the EBRD is located in London. The governance structure, as in other international financial organizations, includes a board of governors and a board of directors.

The EBRD came into operation on April 15, 1991. The immediate reason for the creation of this international bank became political and economic reforms in former socialist countries and their transition from centrally planned to market economies. This determined the purpose and functions of his activities.

Purpose and functions of the EBRD

The main goal of the EBRD is to facilitate the transition of European post-socialist countries to an open market economy on the basis of private and entrepreneurial initiative.

To achieve this goal, the EBRD Charter provides following functions:

promoting the development, education and expansion of a competitive private sector, in particular small and medium-sized businesses
attracting national and foreign capital and management experience to carry out the above activities;
promoting investment in the manufacturing sector, as well as in the financial sector and service sector, infrastructure, which are necessary to support private entrepreneurial initiative, create a competitive environment, increase labor productivity, and living standards;
providing technical assistance for preparation and implementation investment projects;
stimulating the development of national capital markets;
providing support to economically viable projects that involve more than one beneficiary country;
promoting economically healthy and sustainable development;
carrying out other activities in order to perform the stated functions.

Unlike other international financial institutions, the Bank's Charter (Article 1) contains a political mandate stipulating that countries where the Bank operates must comply with the principles of multi-party democracy, pluralism and market economics.

Organizational structure of the EBRD

The activities of the EBRD are governed by the Board of Governors, the Board of Directors and the President. The Board of Governors - the highest administrative body of the EBRD - includes two representatives (the manager and his deputy) from each member of the bank (country or international organization). At the request of a member of the EBRD, the manager representing him or his deputy may be recalled at any time. At the annual meeting, the Board elects one of the Governors to serve as Chairman, who serves until the next Chairman is elected. All powers of the EBRD are the prerogative of the Board of Governors, which decides fundamental issues of the Bank's activities. At the same time, its exclusive competence is to resolve the following main issues:

admission of new members of the EBRD and suspension of membership in the EBRD;
election of directors and president of the EBRD;
increase or decrease in authorized shares;
granting powers to conclude general agreements on cooperation with other international organizations;
approval (after consideration of the audit report) of the EBRD’s balance sheet, determination of the amount of reserves, distribution of profits;
changes to the Agreement establishing the EBRD, decisions on appeals related to the interpretation of the Agreement or its application by the Board of Directors.

The Board of Directors is the executive body responsible for the current issues of the EBRD’s work, as well as the exercise of powers delegated by the Board of Governors. To make a decision in the governing bodies of the EBRD, a simple majority (more than half of the total number) of votes is required. Some issues require a special majority (2/3, or 85%, of the votes of member countries). Member countries of the EU and the EIB have the largest share of the Bank's capital (62.8% in 2012) and can influence its decision-making (Table 9.8).

Table 9.8 . EBRD shareholders (April 2012)

European bank reconstruction And development(EBRD, English European Bank for Reconstruction and Development, EBRD) - investment mechanism, created V 1991 year 61 country And two international organizations to support market economies and democracy in 29 countries - from Central Europe to Central Asia. As an international organization, the EBRD enjoys a number of privileges, such as legal immunity for its staff.

The organization arose at a time when the socialist political system was changing in the states of Central and Eastern Europe and the countries of the former Soviet bloc needed support to create a new private sector in the transition to a market economy.

The EBRD is the largest investor in the region and, in addition to providing its own funds, attracts significant amounts of foreign direct investment. However, although its shareholders are representatives of the state, EBRD invests capital main way V private enterprises, as a rule, together with its commercial partners.

It provides project financing to banks, enterprises and companies, investing in both new production and existing companies. He also works with government companies to support processes privatization And structural reorganization on them, as well as improvement communal farms.

The EBRD uses its close relationships with governments in the region to pursue a policy of creating an enabling environment for business.

Like the International Bank for Reconstruction and Development, the EBRD raises funds by issuing bonds. Feature operations EBRD is wide attraction funds V national currencies countries Eastern Europe, including Russian ruble.

Structure EBRD . Authority EBRD are prerogative Council managers, to which each shareholder government appoints its own manager, usually the Minister of Finance. The Board of Governors delegates most powers Council directors, who is responsible for the strategic direction of the EBRD.

The Board of Directors consists of 23 directors and is headed by President. Each director represents one or more shareholders. Subject to the general direction of the Board of Governors, the Board of Directors is responsible for directing the general activities and policies of the bank. He exercises the powers expressly vested in him by the Agreement and those powers delegated to him by the Board of Governors.

The President is elected by the Board of Governors and is the legal representative of the EBRD. Under the leadership of the Board of Directors, the President manages the day-to-day work of the bank. The President is elected by a majority vote of the Board of Governors for a term of 4 years and may be re-elected for a second term. Vice Presidents are appointed by the Board of Directors on the recommendation of the President and usually on a fixed-term contract of four years. In the absence or incapacity of the President, the Vice President shall exercise the powers and perform the functions of the President.

Executive Committee controls all key aspects of strategy, performance and financial stability jar. The bank's executive committee consists of the President (headed by him), vice-presidents and other members of the bank's senior management. A number of other committees and departments have also been created, which report to the President in the areas of the bank’s activities.

Charter EBRD provides for its activities only in those countries that are committed to the principles of “democracy”. Taking care of environment is an integral part of a sound corporate governance system and is included in all EBRD investment activities.

The EBRD Charter provides for the predominant (at least 60%) direction of its financial resources to support the activities of non-state commercial structures, strengthening financial institutions and legal systems, developing the infrastructure necessary to support the private sector.

In everyone their investment operations EBRD must:

promote the establishment of a full-fledged market economy in the country, that is, ensure the effect of influencing the transition process;
take risks to assist private investors without driving them out of the market;
apply rational principles of conducting banking activities.

WITH with help their investment EBRD promotes:

carrying out structural and sectoral reforms;
development of competition, privatization and entrepreneurship;
strengthening financial institutions and legal systems;
developing the necessary infrastructure to support the private sector;
implementation of a reliable corporate governance system, including for the purpose of solving environmental problems.

Being catalyst change, EBRD:

stimulates co-financing and attraction of foreign direct investment;
attracts domestic capital;
provides technical assistance.

In 2004, the bank financed 129 projects for total amount 4.1 billion euros, of which Russia received 1.24 billion euros. In total, from 1991 to 2008, the bank issued 33 billion euros to Eastern European countries for 2.2 thousand projects, of which Russia accounted for more than 5.9 billion euros. In 2004, the bank's profit amounted to 297.7 million euros. Equity At the end of 2008, the bank's income amounted to 11.8 billion euros.

The main goal of the EBRD is to promote the transition to a market economy and stimulate the development of private and entrepreneurial initiative in the countries of Central and Eastern Europe.

TO priority areas of activityThe bank's activities include promoting privatization, demonopolization and decentralization, unification of energy, transport and telecommunications networks in Europe, and environmental protection.

EBRD credit policy. The bank does not provide guarantees for export loans and does not work with individual clients. The EBRD does not provide financing if it considers that the applicant can obtain funds from other sources on acceptable terms. The EBRD typically enters into agreements directly with large client institutions. Loans to small and medium-sized enterprises are provided through intermediaries.

Credit operations are divided by the bank into regular and special.

First type of operations financed from the bank’s main resources (authorized capital, funds from repayment of bank loans and interest paid on them, borrowed funds), and second — from the resources of special funds (targeted funds).

The EBRD resorts to either stand-alone or joint financing.

Self-financing carried out by providing loans, purchasing shares of enterprises or issuing guarantees. The latter allow borrowers to obtain loans through other channels, and the EBRD assumes responsibility for either all risks or individual species. When financing through intermediaries, medium- and long-term credit lines are opened to them. Intermediaries are most often national banks and in some cases governments.

Co-financing can be carried out in various forms: loans from the EBRD and other syndicate participants are provided in some cases in agreed proportions to finance the same set of goods or services, in others - different ones (parallel financing). After providing the full loan amount, the EBRD sells some portion of the loan to other banks (equity financing).

The EBRD is participating in investment funds who invest in medium-sized private enterprises by purchasing their shares. It also implements trade promotion programs with the participation of local financial institutions. Such programs imply the discovery credit lines to guarantee confirmations of letters of credit provided to local banks, as well as direct financing of large enterprises in the form of revolving loans.

Environmental projects play a very important role in the EBRD's activities. Wherein Special attention is devoted to operations aimed at the rational use of resources and energy, waste reduction, processing and recovery of resources, and the use of more environmentally friendly technologies. Any project provided by the EBRD is subject to a thorough environmental audit. The EBRD promotes the adoption and widespread implementation of internationally recognized environmental norms and standards.

The EBRD often operates in other countries through regional venture funds founded by it. It also creates small business support funds to provide small and microloans.

Although the EBRD declares in its program documents the non-obligation state guarantees, the latter in one form or another in many cases will still be in demand.

State guarantees are not required only if financing is provided through one of the funds organized for lending to small businesses and projects.