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Agreement Establishing the European Bank for Reconstruction and Development

the Bank applies sound banking principles to all its operations; In 2011, the EBRD approved a EUR 65 million loan to Macedonian electricity supplier ELEM for a dam in Boskov Most. [27] The Standing Committee of the Berne Convention[28] called for the immediate suspension of the project, referring to the region`s high biodiversity and its importance as a nuclear breeding ground for the Balkan lynx[28], one of the world`s most endangered mammals. [29] In January 2017, the bank terminated the loan on the grounds that the „disbursement conditions were not met.“ [30] [31] Prior to the 2015 Paris Agreement, the EBRD committed to allocating more than 40% of its financing to green investments by 2020. This goal was achieved for the first time in 2017. [12] With a total contribution of EUR 60 million, Russia EUR is the main donor to a PNDD Environment Support Fund within the Bank. In the same year 2015, Russia donated 5 million euros. [13] For the purposes of this paragraph, a SOE is considered competitive only if it operates autonomously in a competitive market environment and is subject to bankruptcy law. The EBRD was founded in April 1991 with the dissolution of the Soviet Union by representatives of 40 nations from 3 continents and two European institutions, the European Investment Bank (EIB) and the European Economic Community (EEC, now the European Union – EU), after reaching an agreement on the Charter, the size and distribution of the Bank`s power among shareholders. [3] through the use of the resources of the special funds in accordance with the agreements on their use; promote sustainable and environmentally friendly development in all its activities; 1.

Each Member shall designate its central bank or such other institution as the custodian of all the Bank`s assets in its currency and in other assets of the Bank. The EBRD`s activities in the Balkans have given rise to particular controversy and criticism[23], especially when they have focused on national parks or free-flowing rivers. [24] This was often the actual or planned construction of dams and road infrastructure. In fact, a 2017 report identified gaps in monitoring and mitigation measures to reduce the environmental impact of EBRD-funded dam projects[25], while outdoor apparel brand Patagonia helped launch The Dam Truth campaign in March 2018, which directly calls on international banks, including the EBRD, to „stop investing in the destruction of Europe`s last wild rivers“. [26] Some NGOs have criticized the EBRD for funding projects they consider harmful to the environment and society. Although it has increased its investments in energy efficiency and sustainable energy in recent years, these NGOs believe that the bank further reduces the impact of green investments by financing carbon-intensive developments such as coal, oil and gas production, transport and production, highways and airports. [19] [20] Controversial projects include the Ombla power plant in Croatia,[21][22] the Kumtor gold mine in Kyrgyzstan and the Šoštanj lignite power plant in Slovenia. [19] This document contains the following information: Amendment of the Agreement establishing the European Bank for Reconstruction and Development. stimulate and promote the development of capital markets; 2. In carrying out the tasks referred to in paragraph 1 of this Article, the Bank shall cooperate closely with all its members and, if it deems it appropriate under this Agreement, with the International Monetary Fund, the International Bank for Reconstruction and Development, the International Finance Corporation and the Multilateral Investment Guarantee Agency.

and the Organization for Economic Cooperation and Development, and cooperate with the United Nations and its specialized agencies and other related bodies, as well as with all public and private bodies concerned with economic development and investment in the countries of Central and Eastern Europe. To contribute to economic progress and reconstruction, the Bank should promote the transition to open market economies and promote private entrepreneurship and entrepreneurship in Central and Eastern European countries that are committed to respecting and applying the principles of multi-party democracy, pluralism and the market economy. Under the same conditions, the object of the Bank may also be pursued in Mongolia and in the Southern and Eastern Mediterranean Member States, as determined by the Bank, with the consent of at least two-thirds of the Presidents of the Governors representing at least three-quarters of the total voting rights of the Members. Accordingly, any reference in this Agreement and its Annexes to „Central and Eastern European countries“, „Central and Eastern European countries“, „beneficiary country(ies)“ or „beneficiary member country(ies)“ also means Mongolia and each of these southern and eastern Mediterranean countries. authorise the conclusion of general cooperation agreements with other international organisations; conclude cooperation agreements with public or private bodies. 2. Spouses and direct dependants of members of the management, deputy directors, officers, employees and experts of the Bank who are established in the country where the Bank`s head office is situated shall have the opportunity to take up employment in that country. Spouses and direct dependants of the directors, deputy directors, officers, employees and experts of the Bank who are established in a country where an agency or branch of the Bank is located should, to the extent possible, be granted a similar opportunity in that country in accordance with the national law of that country. The Bank shall negotiate specific arrangements for the implementation of this paragraph with the country in which its head office is located and, where appropriate, with the other countries concerned.

The following table shows the evolution of the volume of investment in the Green Economy Transition Approach (GET) to support the Paris climate goals. The EBRD was founded to help the countries of the former Eastern bloc build their private sectors. [14] To this end, it provides „project financing“ for banks, industries and businesses, for new or existing businesses. It works with state-owned enterprises to support their privatization, advocated by the WTO since the 1980s[15], and „the improvement of municipal services“. any amount due to the former member for its shares shall be retained for as long as the former member, its central bank or any of its bodies or instruments is liable to the Bank as borrower or guarantor and that amount may be applied to such liabilities at maturity, at the option of the Bank. No amount shall be deducted on account of the former member`s liability resulting from his subscription of shares in accordance with Article 6(4), (5) and (7). In any event, no amount due to a Member for its shares may be paid before six (6) months after the date on which the Member ceases to be a Member; The EBRD states that it only works in countries that are „committed to democratic principles.“ To be eligible for EBRD financing, „a project must be located in a country where the EBRD operates, have good business prospects, include significant capital contributions from the project promoter in cash or in kind, benefit the local economy and contribute to private sector development and meet banking and environmental standards.“ This document contains the following information: Amendment of the Agreement establishing the European Bank for Reconstruction and Development to allow the use of special funds in beneficiary and potential beneficiary countries (Resolution No. 138): Adopted in London on 30 September 2011. .