EBRD projects: the financing process

The total lifecycle of an EBRD project, from initiation to repayment, can range from one year for working capital or trade financing projects to 15 years for long-term sovereign infrastructure projects.

The EBRD project cycle consists of the following stages:

Concept review

The EBRD’s Operations Committee (OpsCom)* approves the project concept and overall structure, including the proposed financing structure and supporting obligations. At this stage, the EBRD and the client sign a mandate letter, which outlines the project plan, development expenses and responsibilities.

Final review

Once the basic business deal (including a signed term sheet) has been negotiated and all investigations have been substantially completed, the project receives a final review by OpsCom.

Board review

The EBRD President and operations team present the project to the Board of Directors for approval.


The EBRD and the client sign the deal and it becomes legally binding.


Once repayment conditions are agreed and the Bank’s conditions met, the funds are transferred from the Bank’s account to the client’s account.

Disbursement handbook for public sector loans, July 2019

Disbursement handbook for public sector loans, January 2013 - Russian

Guidelines to Loan Disbursements for Non-Sovereign Operations. November 2013


The client repays the loan amount to the EBRD under an agreed schedule.

Sale of equity

The Bank sells its equity investments on a non-recourse basis.

Final maturity

The final loan amount is due for repayment to the Bank.


The loan has been fully repaid and/or the EBRD’s equity investment divested.

* The Operations Committee consists of senior management from Banking, Finance, Office of the General Counsel, Office of the Chief Economist, and Evaluation and Operational and Environmental Support.