European Bank for Reconstruction and Development shareholders. Purpose, objectives, structure, role, areas of activity of the European Bank for Reconstruction and Development (EBRD). EBRD governance structure

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:European Bank Reconstruction and Development Bank (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 promote market economies and democracy 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 organizations 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 governs current activities The bank is managed by a 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 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 during a period when in the states of Central and of Eastern Europe the socialist political system was changing and the countries of the former Soviet bloc needed support to create a new private sector in the context of the transition to 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 core 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.

The European Bank for Reconstruction and Development was created in 1991, when communist rule was collapsing in Central and Eastern Europe and the countries of the former Soviet bloc needed support to create a new private sector in democracy. Today investment instruments The EBRD is used to promote market economies and democracy in 29 countries - from Central Europe to Central Asia.

The EBRD is the largest investor in the region and, in addition to its own funds, attracts significant amounts of foreign direct investment. It is owned by 60 countries and two international organizations. However, although its shareholders are government-owned, the EBRD invests primarily in private enterprises, usually 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 state-owned companies to support their privatization and restructuring processes, as well as improve utilities. The EBRD uses its close relationships with governments in the region to pursue a policy of creating an enabling environment for business.

The EBRD's charter provides for its activities only in those countries that are committed to the principles of democracy. The environment is an integral part of strong corporate governance and is embedded in all of the EBRD's investment activities.

In all of its investment activities the EBRD must:

contribute to the establishment 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 rational principles of conducting banking activities.

Through its investments, the EBRD contributes to:

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 reliably operating corporate governance system, including for the purpose of solving environmental problems.

As a catalyst for change, the European Bank for Reconstruction and Development stimulates co-financing and foreign direct investment, attracts domestic capital and provides technical assistance.

Governance and organizational structure of the EBRD

The exercise of all powers of the EBRD is entrusted to the Board of Governors, to which each shareholder appoints its own governor, usually the Minister of Finance or a person holding a similar position. The Board of Governors delegated most of its powers to the Board of Directors, which is responsible for managing the overall activities and implementing the EBRD's policy documents.

The Board of Governors elects the President, who is the legal representative of the EBRD. The President carries out the operational management of the EBRD's activities in accordance with the instructions of the Board of Directors.

Geography of EBRD activities

Geography of EBRD activities - Azerbaijan, Albania, Armenia, Belarus, Bulgaria, Bosnia and Herzegovina, Macedonia, Hungary, Georgia, Kazakhstan, Kyrgyzstan, Latvia, Lithuania, Moldova, Poland, Russian Federation, Romania, Slovak Republic, Slovenia, Tajikistan, Turkmenistan, Uzbekistan, Ukraine, Croatia, Czech Republic, Estonia.

EBRD finances various industries. The following activities are not funded:

defense industry;
tobacco industry;
production of substances prohibited by international law;
gambling business;
production and processes that have a negative impact on the environment.

Special requirements for the recipient of funding:

Private sector project.
Highly motivated and experienced management.
The participation of domestic investors in the share capital of the enterprise is highly desirable.
Availability of foreign strategic partner is not required, but may increase the chances of approval of the investment project.

The EBRD's share in the financed project is usually 25-30%, but can be increased to 49% in the short term. As a rule, within the framework of one investment project, the Bank strives to combine both forms of financing and provides no more than two-thirds of the required amount in the form of borrowed money and at least one third - in the form of share capital.

The interest rate on the loan can be either floating or fixed. The credit margin reflects both country and commercial risks and corresponds to the syndicated loan market conditions. Repayment of the principal debt is usually made in equal installments every six months. In accordance with commercial practice, upon signing loan agreement a one-time fee is withheld to cover administrative costs incurred by the bank in preparing the project.

As well as the European Union and the European Investment Bank.

The largest shareholders are the USA (10.2% of EBRD capital), Great Britain, Germany, Italy, France and Japan (8.7% each), the Russian Federation (4.1%), Spain and Canada (3.5% each), EU and EIB (3.1% each), the Netherlands (2.5%), Austria, Belgium, Switzerland and Sweden (2.3% each), Poland, Norway and Finland (1.3% each).

The Bank's declared share capital of €10 billion was increased in 1996 to €20 billion and to €30 billion in 2010.

The Bank is currently active in more than 30 countries from Central Europe to Central Asia and in the countries of the Southern and Eastern Mediterranean.

The only member of the Bank that has withdrawn from its countries of operations and no longer receives Bank investments is the Czech Republic.

The European Bank for Reconstruction and Development invests in both the financial and real sectors of the economy, investing in the creation of new enterprises and investing in existing companies.

The EBRD is active in the following economic sectors: agribusiness, information and communication technologies, municipal infrastructure, legal reform, Natural resources, industrial production and services, transport, sustainable resource use and climate change, financial institutions, private equity funds, energy, nuclear safety.

In 2015, the bank's total investments reached a record 9.4 billion euros. The EBRD's expected profit for 2015 is 0.8 billion euros.

The highest governing body of the EBRD is the Board of Governors, to which each shareholder appoints its representative and one deputy.

The Board of Directors (23 people) is responsible for managing the overall activities of the Bank. Directors are elected by the Board of Governors for three years, with the possibility of re-election for a second term.

The President is the legal representative of the EBRD. The President heads the Bank's staff. He is responsible for organizing work, appointing or dismissing officials and employees in accordance with the rules established by the Board of Directors. He is elected by a majority vote of the Board of Governors for a four-year term and may be re-elected for a second term. This post is currently held by British Representative Suma Chakrabarti, who took office on July 3, 2012.

The official languages of the EBRD are English, German, French and Russian.

The headquarters is located in London (UK).

Russia, as the legal successor of the USSR, has the status of founder of the European Bank for Reconstruction and Development. The EBRD has been one of the largest investors in real sector economy of the Russian Federation. In total, from 1991 to 2015, the accumulated volume of EBRD investments in Russia amounted to 24.3 billion euros (792 projects).

In January 2016, the European Bank for Reconstruction and Development reported that 2015 was the first year in which it did not launch new projects in Russia.

The material was prepared based on information from RIA Novosti and open sources

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.

Board of Directors - executive agency, whose competence includes current issues EBRD work and 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)