The EBRD's capital base
The European Bank for Reconstruction and Development (EBRD) is owned by 67 shareholders, 65 countries and two international organisations.
When each country or organisation became a shareholder - in many cases at the point of our establishment in the early 1990s - they made a contribution to an overall capital base.
Additional contributions as well as commitments - in the form of callable credit guarantees - have also been made in the period since the EBRD's founding, contributing to its very strong capital base, which in turn has led to its robust credit ratings.
That capital base allows the EBRD to raise funds which ultimately form the investment in projects.
The EBRD is renowned for its flexibility and the diversity of its debt products. The timing and nature of the EBRD's issuance is driven by opportunities that arise across all markets. The proceeds of transactions are typically swapped into a floating US Dollar LIBOR or EURIBOR pool, to facilitate asset and liability management. However, owing to rising demand for local currency financing, the EBRD increasingly holds proceeds in the currencies of its countries of operations.