{"id":4545,"date":"2023-03-20T13:46:55","date_gmt":"2023-03-20T12:46:55","guid":{"rendered":"https:\/\/amblondra.esteri.it\/?page_id=4545"},"modified":"2025-12-15T11:43:29","modified_gmt":"2025-12-15T10:43:29","slug":"the-european-bank-for-reconstruction-and-development-ebrd","status":"publish","type":"page","link":"https:\/\/amblondra.esteri.it\/en\/italia-e-regno-unito\/diplomazia-economica\/the-european-bank-for-reconstruction-and-development-ebrd\/","title":{"rendered":"Italy and the European Bank for Reconstruction and Development (EBRD)"},"content":{"rendered":"

THE EBRD: ORIGINS AND MANDATE
\n<\/strong>
\nThe European Bank for Reconstruction and Development (EBRD) is an International Financial Institution (IFI), a Multilateral Development Bank (MDB) established in 1991 to \u201cfoster the transition towards open market-oriented economies and to promote private and entrepreneurial initiative in the countries of Central and Eastern Europe committed to the principles of multiparty democracy, pluralism and market economics\u201d (Article 1 of the Statute).<\/p>\n

Headquartered in London and with offices in various countries of operations, the EBRD has played and continues to play a key role \u2013 while developing unique expertise \u2013 in supporting the economic and social transformation of its countries of operations, which have increased in number and geographical scope. Since its inception, the Bank has invested over \u20ac210 billion in more than 7,500 projects.<\/p>\n

The EBRD currently has 79 shareholders (the latest being Senegal and Kenya), including the European Union and the European Investment Bank. Ghana\u2019s membership is underway. The Bank currently operates in 42 countries and is planning to further expand operations in Ghana in 2026. Since July 2014, the EBRD has suspended any new investments in Russia. Following the invasion of Ukraine, as of April 2022, the EBRD suspended all access by Russia to its resources and closed its offices in the country. In the same month, the Bank suspended Belarus\u2019s access to its resources for the same reasons and closed its offices in Minsk.<\/p>\n

To fulfil its mandate, the EBRD operates on a\u00a0project-based and demand-driven<\/strong>\u00a0model, also in collaboration with other MDBs. It provides financing for investments and projects, extending loans and guarantees, and taking equity stakes.<\/p>\n

The EBRD operates according to\u00a0commercial principles<\/strong>: loans are extended at market-based interest rates (the Bank enjoys a triple-A rating from major credit rating agencies), and one of the three guiding principles is\u00a0sound banking<\/em>. The other two are\u00a0support for transition<\/em>\u00a0(from state-run to market economies) and\u00a0additionality<\/em>\u00a0(the Bank\u2019s intervention should not crowd out private sector activity). The Bank assesses transition impact based on six\u00a0transition qualities<\/em>, which are regularly updated to reflect broad macroeconomic and political changes: competitiveness, good governance, inclusion, environmental sustainability, resilience, and integration (in line with the UN\u2019s 2015 Sustainable Development Goals and the 2030 Agenda).<\/p>\n

EBRD operations are also supported by\u00a0grant-based instruments<\/strong>\u00a0that enhance their effectiveness. There are around 50 current donors (both bilateral and multilateral \u2013 including governments, other IFIs, and private partners). The EBRD also relies on its own\u00a0Shareholder Special Fund<\/strong>, an annual allocation drawn from the Bank\u2019s net income. Other tools include capex grants, concessional lending, and technical assistance programmes. The Bank increasingly uses guarantee mechanisms and continuously innovates in terms of financial instruments and the mobilisation of private investment (e.g. syndicated agreements).<\/p>\n

The Bank\u2019s support for transition is\u00a0conditional on the existence of democratic regimes and political pluralism<\/strong>\u00a0in the countries of operations (Art. 1). Adherence to these principles is an integral part of EBRD activities.<\/p>\n

The EBRD Statute also mandates the\u00a0priority of private sector operations<\/strong>, even when working with public actors, as long as the goal is to crowd-in private finance \u2013 a unique feature among MDBs. Within a few years, the EBRD also became a\u00a0leader in green finance<\/strong>\u00a0(over 40% of its new financing is classified as \u201cgreen\u201d; the 2026\u20132030 Strategic Plan targets 50%) and in\u00a0local currency lending<\/strong>, which enhances borrower resilience.<\/p>\n

Alongside investment operations, the EBRD engages in\u00a0policy dialogue and capacity building<\/strong>, often through technical assistance funded by grants. The Bank also heavily relies on local knowledge and experts, with 55 regional offices.<\/p>\n

Over time, the EBRD has evolved into a\u00a0multi-regional development bank<\/strong>, maintaining a European core but expanding across three continents with a globally diverse shareholder base. Its area of operation expanded from Central and Eastern Europe and the Baltic states to the Commonwealth of Independent States and Central Asia. Following the so-called Arab Spring and the G8\u2019s political backing \u2013 led by Italy \u2013 at the Deauville Summit (May 2011), the Bank broadened its geographical mandate to include the\u00a0Southern and Eastern Mediterranean (SEMED)<\/strong>. The most recent expansion, adopted in 2023, extended the Bank\u2019s activities incrementally to\u00a0Sub-Saharan Africa and Iraq<\/strong>.<\/p>\n

Also in 2023, EBRD shareholders approved a\u00a0\u20ac4 billion capital increase<\/strong>\u00a0(from \u20ac30 to \u20ac34 billion), mainly to continue supporting\u00a0Ukraine<\/strong>\u00a0following the Russian aggression. Since the outbreak of the war in February 2022, the EBRD has invested over\u00a0\u20ac8 billion<\/strong>\u00a0in Ukraine.<\/p>\n

The next\u00a0Annual Meeting<\/strong>\u00a0(the gathering of Governors to approve the budget, financial statements and strategic decisions) will take place in\u00a0Riga<\/strong>, from\u00a05 to 7 June 2026<\/strong>.<\/p>\n

At the\u00a0May 2025 Annual Meeting in London<\/strong>, the Bank adopted the new\u00a0Strategic and Capital Framework<\/strong>, its mid-term strategic cycle that redefines the operational focus of existing priorities. In addition to decarbonisation, inclusion, and gender equality, the new Framework puts renewed emphasis on the notion of\u00a0good governance<\/strong>, primarily economic, to be supported by two enabling factors:\u00a0digitalisation<\/strong>\u00a0and\u00a0mobilisation of private investment<\/strong>. Ukraine remains a top priority, along with\u00a0enhanced coordination with other MDBs<\/strong>, notably the\u00a0EIB<\/strong>\u00a0and\u00a0IFC<\/strong>, following a division of labour approach to avoid duplication.<\/p>\n

ITALY\u2019S ROLE
\n<\/strong>
\nItaly is a founding member of the EBRD. In addition to being a significant shareholder \u2013 currently holding a\u00a08.06% stake<\/strong>\u00a0(after the US, Italy ranks among the largest shareholders alongside Germany, France, the UK and Japan) \u2013 Italy is also an important donor, having contributed over\u00a0\u20ac166 million<\/strong>\u00a0since the Bank\u2019s foundation.<\/p>\n

Italy supports the EBRD through\u00a0Technical Cooperation Funds Programme (TCFP)<\/strong>, specifically the\u00a0Italian Technical Cooperation Fund<\/strong>\u00a0(for technical assistance) and the\u00a0Italian Investment Cooperation Fund<\/strong>\u00a0(primarily for guarantees), both managed by the\u00a0Ministry of Economy and Finance<\/strong>. Italy also contributes to the\u00a0Enterprise Expansion Fund (ENEF)<\/strong>\u00a0and to various multi-donor funds, including the\u00a0European Western Balkans Joint Fund<\/strong><\/a>, the\u00a0Ukraine Stabilisation and Sustainable Growth Multi-Donor Account<\/strong><\/a>, the\u00a0Small Business Impact Fund (SBIF)<\/strong><\/a>, and the\u00a0SEMED Multi-Donor Account<\/strong><\/a>.<\/p>\n

Italy is the\u00a0sole contributor<\/strong>\u00a0to the\u00a0Central European Initiative (CEI) Fund<\/strong>, established in 1992, with contributions totalling\u00a0\u20ac45.5 million<\/strong>\u00a0to date. The CEI Fund supports\u00a0transition countries<\/strong>\u00a0in their\u00a0EU integration processes<\/strong>, financing technical cooperation projects in transport, energy efficiency and climate change, enterprise development and political dialogue. It also operates a\u00a0Know-How Exchange Programme<\/strong>, funding capacity building initiatives.<\/p>\n

Italian banks are involved in the\u00a0Trade Facilitation Programme<\/strong><\/a>, under which the EBRD guarantees payment for trade finance instruments issued by banks in its countries of operations.<\/p>\n

Italy also plays a major role in supporting\u00a0Ukraine<\/strong>, with a\u00a0\u20ac10 million contribution<\/strong>\u00a0via the\u00a0Italian Agency for Development Cooperation<\/strong>\u00a0to the\u00a0Crisis Response Special Fund<\/strong>, and a\u00a0\u20ac200 million co-financed project<\/strong>\u00a0with the EBRD in favour of\u00a0Ukrhydroenergo<\/strong>. The project will finance the purchase of critical equipment for two hydroelectric power plants (Dnipro HPP and Seredniodnipro HPP) and cover the company\u2019s liquidity needs. During the\u00a0Ukraine Recovery Conference<\/strong>\u00a0held in\u00a0Rome in July 2025<\/strong>, Italy announced a further\u00a0\u20ac1.5 million<\/strong>\u00a0for the\u00a0Ukraine FIRST Cooperation Fund<\/strong>\u00a0and an additional\u00a0\u20ac10 million<\/strong>\u00a0to support future EBRD programmes in the\u00a0agrifood sector<\/strong>, aimed at modernising Ukraine\u2019s food processing industry and facilitating its integration into global supply chains.<\/p>\n

Between\u00a02018 and 2023<\/strong>,\u00a0Italian entities<\/strong>\u00a0won\u00a0448 EBRD procurement and consultancy contracts<\/strong>, for a total value of\u00a0\u20ac632.3 million<\/strong>.<\/p>\n

ITALIAN STAFF<\/strong>
\nAs of 31 December 2024, out of a total of 3,299 employees,\u00a0112 EBRD staff members were Italian<\/strong>.<\/p>\n

The Executive Director for Italy is Mr. Marco Zanni. The Alternate Executive Director for Italy is Mr. Umberto Bernardo<\/strong><\/p>\n

More Information:<\/strong><\/p>\n

5 Bank Street, E14 4BG, Londra<\/strong><\/p>\n

ItalyOffice@ebrd.com<\/strong><\/a><\/p>\n

Tel.: +44 (20 73387013<\/strong><\/p>\n

\u00a0<\/strong><\/p>\n