European Bank for Reconstruction and Development (EBRD)

The European Bank for Reconstruction and Development (EBRD) was established in 1991. Its owners are 61 countries and two international organizations. The EBRD provides project financing for banks, enterprises and companies, investing in both new industries and existing firms. Also works with state-owned companies.

2023

Plan to double lending to Ukraine

In December 2023, it was announced that the European Bank for Reconstruction and Development (EBRD) would double its lending to Ukraine after agreeing on a capital increase of 4 billion euros. Supporting the economy in a "critical period" for the war-ravaged country is a priority, said bank president Odile Renaud-Basso.

EBRD sold 5.3% of Mosbirzhi shares to Softline IT group

The European Bank for Reconstruction and Development (EBRD) sold its stake (5.3%) in the Moscow Exchange to Softline IT group. This deal became known on October 23, 2023. Read more here.

2022: Closing offices in Moscow and Minsk amid Russia's special operation in Ukraine

On March 28, 2022, the European Bank for Reconstruction and Development announced the closure of its offices in Moscow and Minsk amid Russia's special operation in Ukraine.

2021

Discussion of the shutdown in Ukraine due to the machinations of the country's cabinet

In 2021, Ukrenergo raised $825 million in targeted Eurobonds to settle with green investors. About $75 million of them were given by the European Bank for Reconstruction and Development.

In November 2021, it became known that the European Bank for Reconstruction and Development (EBRD) is studying the closure of work in Ukraine due to the fraud of the Cabinet of Ministers of Ukraine with the distribution of money that was raised through green Eurobonds to settle debts to investors.

A scandal erupted in the country around the dismissal by the Cabinet of Ministers of the head of the state-owned enterprise "Guaranteed Buyer" Petrikovets. The company said that the former head was fired for refusing to comply with the government's order to stop paying debts to green electricity producers.

In turn, the government wrote off the dismissal of Petrikovets on his unprofessionalism, which led to losses of the enterprise.

Stopping lending to new private projects in Belarus

In November 2021, the European Bank for Reconstruction and Development decided to stop lending to new private projects in Belarus due to "the blurred line between the state and private spheres, making it almost impossible to guarantee that funds benefit people, not the regime."

2020: Investment in PandaDoc Document Automation Software Developer

In early August 2020, PandaDoc announced it was raising $30 million in investments. Most of all, according to the results of the funding round, the One Peak Partners fund invested. Other investors included venture capital fund Microsoft (M12), Savano Capital Partners, Rembrandt Venture Partners and the European Bank for Reconstruction and Development (EBRD). Read more here.

2018: Sale to Sovcombank of 11% stake in Rosevrobank

On January 30, 2018, it became known that Sovcombank closed the transaction on the acquisition of 11% of Rosevrobank from the European Bank for Reconstruction and Development (EBRD), increasing its share to 45%, Sovcombank said. Sovcombank^[1].

2017: Russia plans to discuss the restoration of the EBRD in the country

Russia plans to bring the issue of restoring the full scope of the European Bank for Reconstruction and Development (EBRD) for discussion in the bank's board of governors in May 2017, said Andrei Bokarev, head of the Department of International Financial Relations of the Ministry of Finance, RIA Novosti reports.

"The situation is now in the status it was a few months ago. Russia plans to put this issue on the agenda of the upcoming meeting of the Board of Governors, which will be in May 2017, "he

He also noted that, due to the fact that the EBRD was created as an international organization and has a number of privileges and immunities, it is "practically unrealistic" to involve it in the trial.

2016: Russia warns of plans to launch legal action against EBRD

Russia has prepared a ​obrashcheniye for the head of the Board of Governors of the European Bank for Reconstruction and Development (EBRD), Luxembourg Finance Minister Pierre Grameña, in which she warned of her intention to take "legal steps" in connection with the violation of her rights as a shareholder and the country of the bank's operations, Interfax reported in July 2016, citing a source in the financial and economic block of the government.

Russia will send an appeal to the bank's governing bodies indicating a violation of the EBRD charter, another agency source confirmed. According to him, in parallel with this, a lawsuit will be prepared and a decision will be made which court "will be able to resolve this dispute." There are no legal grounds for rejecting the upcoming claim: the termination of activities for political reasons contradicts a number of articles of the EBRD charter, he said ^[2]to ^[3]].

2014: EBRD halts operations in Russia

Until 2014, Russia was the largest recipient of EBRD funds. In 2013, the bank invested $1.8 billion in Russian projects, and in the first six months of 2014, Russia accounted for 19% of all investments of the organization. After the imposition of sanctions against Russia, the EBRD decided^[4].

• In July 2014, the EBRD curtailed funding for new Russian projects as a result of EU sanctions against Russia.
• In the first half of 2014, Russia accounted for more than 19% of all the bank's investments.

2013: Investment of 2.5 billion euros in projects in Russia

In 2013, the financing of projects in Russia through the EBRD amounted to 2.5 billion euros.

Notes