EBRD Donors

Multi-donor funds

The EBRD manages regional and thematic multi-donor funds, where grant resources are pooled to foster efficiency and create higher impact. The most active funds include:


EBRD Early Transition Countries Fund

The Early Transition Countries Fund was launched in 2004 and is a flagship multi-donor vehicle with 14 contributors: Canada, Finland, Germany, Ireland, Japan, Korea, Luxembourg, the Netherlands, Norway, Spain, Sweden, Switzerland, Taipei China and the United Kingdom. The Fund has been channelling substantial financial support to the early transition countries (Armenia, Azerbaijan, Belarus, Georgia, Kyrgyz Republic, Moldova, Mongolia, Tajikistan, Turkmenistan and Uzbekistan) . It has played a critical role in enabling the Bank to support innovation for example, by establishing investment councils, introducing stakeholder programmes in municipal and environmental infrastructure projects and advancing gender equality. The Fund has also allowed to increase financing for small and medium enterprises under direct financing facilities and advance local currency lending.


Eastern Europe Energy Efficiency and Environment Partnership (E5P)

The E5P was established in 2010 to facilitate investments in energy efficiency and environmental projects aiming at reducing greenhouse gas emissions in the Eastern Partnership countries. The Fund has been  operating in Ukraine since 2010 and expanded to Armenia, Georgia and Moldova in 2014. The contributors to this Fund are: the European Union (the largest contributor) Armenia, Belarus, Czech Republic, Denmark, Estonia, Finland, Georgia, Germany, Iceland, Ireland, Latvia, Lithuania, Moldova, Norway, Poland, Romania, Slovak Republic, Sweden, Switzerland, Taipei China, Ukraine and the United States of America. The Fund co-finances district heating and public buildings projects together with local transport, solid waste and street lighting investments.


European Western Balkans Joint Fund

The European Western Balkans Joint Fund, managed by the EBRD and the EIB, pools grant funds for the Western Balkans Investment Framework, established in 2009.  The Framework is a joint initiative of the European Union, the European Investment Bank, the EBRD, the Council of Europe Development Bank, Kreditanstalt fur Wiederaufbau and the World Bank, the Western Balkans beneficiaries and bilateral donors endorsed by the European Council. It pools grant resources in order to leverage loans for the financing of priority infrastructure and socio-economic development in the Western Balkans. It provides technical assistance, grant co-financing investments and other grant-funded instruments across the energy, environment, transport and social sectors as well as private sector development. 


Northern Dimension Environmental Partnership Fund

The Northern Dimension Environmental Partnership Fund became operational in 2002, and since then the EBRD has been acting as the fund manager and as one of the Implementing Agencies. The Fund pools financial contributions from the European Union and Belarus, Belgium, Canada, Denmark, Finland, France, Germany, Netherlands, Norway, Russia, Sweden, and the United Kingdom to leverage environmental investment for urgent projects. The operations are split into two windows of activities: nuclear safety and environmental investments. The grants from donors facilitated many investments for wastewater treatment to improve the ecological status of the Baltic and Barents Seas. In particular in St Petersburg, the Fund grants have helped the City to achieve full compliance with international standards for phosphorous and nitrogen treatment. Since 2010 the Northern Dimension Environmental Partnership Fund has been operational in northern Belarus focusing on wastewater treatment benefiting the Baltic Sea and surrounding countries. 


EBRD Small Business Impact Fund

In 2015, the Bank established the Small Business Impact Fund to support the Small Business Initiative with a more streamlined and effective architecture for donor funds. The Small Business Impact Fund is bringing together donor funds and directing them to financing, advisory and policy dialogue activities to support small and medium-sized enterprises in EBRD’s countries of operation. The donors contributing are: Italy, Japan, Korea, Luxembourg, Sweden, Switzerland, Taipei China and the USA.


EBRD Southern and Eastern Mediterranean Multi-Donor Account

The Southern and Eastern Mediterranean (SEMED) Multi-Donor Account was set up in 2012 to support the EBRD engagement in Egypt, Jordan, Morocco and Tunisia. The Account finances activities in priority sectors. Its contributors are Australia, Finland, France, Germany, Italy, the Netherlands, Norway, Sweden, Taipei China and the United Kingdom. The Multi Donor Account played a key role in initial operations in the SEMED countries.


EBRD Ukraine Stabilisation and Sustainable Growth Multi-Donor Account

The EBRD established this MDA in 2014 to support Ukraine’s efforts to reform its economy, improve its business climate and restore sustainable growth. The Multi Donor Account enables the Bank to provide support for policy reforms that are urgently needed to stabilise the economy, and paves the way for EBRD investments in the country. Its contributions are:

Denmark, Finland, France, Germany, Italy, Japan, the Netherlands, Poland, Sweden, Switzerland, the United Kingdom, the United States and the European Union, the largest donor.


Gulmaira Akim is the owner of one of the thousands of micro business in Mongolia that can improve their companies at zero FX risks with a loan in Tughrik, the Mongolian currency.
This EBRD Local Currency Programme in the Early Transition Countries (ETCs)  is supported by the Swiss State Secretariat for Economic Affairs SECO, the US Treasury and the donors of the ETC Fund.

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