EBRD strategies and policies

The strategies and policies that govern the EBRD's operations are listed below by type and alphabetically.

For queries regarding this content, please contact the EBRD Communications Department.

Board activity

View minutes of EBRD board meetings, details of upcoming meetings, lists of key policies due for review, and other reports and information.

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Have your say on EBRD policy

The EBRD invites public comment when its strategies are being developed or are due for review.

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Project Summary Documents

The EBRD publishes technical data on every project that is approved or in progress.

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Access to Information Policy

The Access to Information Policy sets out the EBRD’s commitment to transparency and disclosure based on the principles of Transparency, Accountability, Good Governance and Client Responsibility to Affected Stakeholders, describes the principles of implementation arrangements as well as contains a limited list of exceptions to disclosure and corresponding overrides.



Addressing staff grievances

The Grievance Procedures and the Appeals Procedures establish a graduated and defined three-tier appeal mechanism under which a staff member can seek redress of any administrative decision that adversely affects him or her.


Anti-terrorist statement

The EBRD will not provide financing or award any contract for the supply of goods, works or services to any person or entity that, according to the UN Security Council and/or the counter-terrorism subsidiary bodies of the Security Council, is or may be supporting terrorist activities.

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Approval of new governance policies

On 7 May 2014, the EBRD Board of Directors approved revisions to three major governance policies: the Environmental and Social Policy, Public Information Policy, and Project Complaint Mechanism Rules of Procedure.

Capital Resources Review

The EBRD’s operations during the CRR4 period 2011-2015 will be guided by the strategic objectives endorsed by the Board of Governors at the 2009 Annual Meeting in London. A significant focus will be placed on tackling energy efficiency, climate change and helping to ensure energy security, as well as accelerating transition in the infrastructure sectors in the Bank’s countries of operations.

The EBRD’s Engagement with Civil Society: Roadmap (2017-20)

This paper outlines the way in which the EBRD’s engagement with civil society supports the priorities of the Bank’s Strategic and Capital Framework (SCF), namely promoting economic resilience, fostering regional integration and addressing regional/global challenges. Looking ahead to 2020, the Roadmap also outlines how civil society engagement can go even further to support the Bank’s efforts to reenergise transition, promote the qualities of a well-functioning market economy in line with the revised transition concept, as well as address key challenges faced by civil society in the EBRD region. This paper was approved by the Bank’s Strategy and Policy Committee on 21 December 2016.


Codes of conduct

Code of conduct for EBRD personnel

EnglishRussian | French | German

Code of Conduct for Officials of the Board of Directors of the EBRD

English | Russian | French | German

Common Performance Assessment Report

The African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank and the World Bank are making good progress in adopting Managing for Development Results (MfDR) practices. These MfDR practices aim to improve the design, implementation, and evaluation of strategies and operations with a view to achieving relevant development results.

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Domiciliation of EBRD clients

The EBRD supports international efforts to discourage money laundering, terrorism financing, tax evasion and other harmful tax practices.  In that context, this Policy sets out the conditions under which the EBRD may finance a project when the borrower, the investee or a controlling entity is located in a third jurisdiction, i.e., a jurisdiction other than the country of operations where the project is located.  The current Policy was approved in December 2013 and will remain in force until 30 June 2019.  A new Policy was approved in January 2019, in response to developments in international tax policy, and will enter into force on 1 July 2019.   





Economic Inclusion Strategy

Economic inclusion and inequality have become defining political, social and economic issues shaping the EBRD region today.This is the EBRD’s first Economic Inclusion Strategy that follows the update of the Bank’s transition concept that defined economic inclusion as one of the key qualities of a sustainable market economy.

The EIS solidifies the EBRD’s strong commitment to enhancing economic inclusion through its distinct private sector led approach in partnership with its clients and policy stakeholders. In this context, the Strategy draws on the Bank’s Environmental and Social Policy and aligns with the Strategy for the Promotion of Gender Equality (SPGE).

Enforcement policy and procedures

The Enforcement Policy and Procedures (“EPP”) of the European Bank for Reconstruction and Development (EBRD or the Bank) set out the Bank’s policy and procedures for processing allegations of fraud, corruption, collusion, coercion, obstruction, theft or misuse of the Bank’s resources or Bank’s assets in relation to activities and projects financed from the Bank’s ordinary capital resources (including the purchase of the goods, works or services for the Bank) or from Special Funds resources, or from cooperation funds administered by the Bank.

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Environmental and social procedures

The EBRD is directed by its founding agreement to adhere to sound banking principles and to "promote in the full range of its activities environmentally sound and sustainable development".

The various ways in which the EBRD promotes such development are described in the Bank's Environmental and Social Policy.

One specific step taken by the Bank to address this mandate and the General Principles and Objectives set out in the Policy is to ensure that all of its investment and technical co-operation projects undergo environmental appraisal along with the financial, economic, legal and technical due diligence which is carried out, and ensure appropriate monitoring is undertaken following approval of projects by the Board of Directors.

For this the Bank has developed Environmental and Social Procedures.



Environmental and Social Policy

The Environmental and Social Policy is one of the Bank’s three good governance policies and a key document that guides the EBRD’s commitment to promoting “environmentally sound and sustainable development” in the full range of its investment and technical cooperation activities. It sets out the ways in which we implement this commitment in practice and on our projects.

Ethnic minorities and the EBRD

This paper explores the political aspects of the Bank’s mandate in relation to ethnic minority rights and suggests the Bank’s future approach. It does so because of the threat to democratic and economic progress from increasing tension in the Bank’s region of operations between many minority groups and their countries’ governments, and also from threats to peace between separate countries.

The approach taken is to consider the status of international and regional protection of the human rights of individuals belonging to minorities, particularly through those bodies or instruments cited in the Agreement Establishing the European Bank and in the Bank’s policy paper on Procedures to Implement the Political Aspects of the Mandate of the European Bank.

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Evaluation policy

This policy establishes the scope and objectives served by evaluation in the EBRD.


Fraud and corruption - definitions and guidelines

‘Fraud and corruption - definitions and guidelines - The purpose of these guidelines is to clarify the meaning and interpretation of the terms “Corrupt Practices”, “Fraudulent Practices”, “Coercive Practices”, “Collusive Practices”, “Obstructive Practice”, “Theft” and “Misuse of the Bank’s Resources” in the context of a Bank Project”.

View guidelines

Gender Equality Strategy

This strategy mandates the Bank to promote behaviours, through its operations, which contribute to building equitable and sustainable economies. It promotes a vision for a future in which women and men in the Bank’s Countries of Operation, regardless of socio-economic status, have the same rights and opportunities to access finance and assets, lead businesses, participate in decision-making processes affecting their lives and have equal and safe access to public services.

View strategy in English



View strategy in Arabic



View strategy in French



View strategy in Russian



View strategy in Turkish




Governance policies

On 7 May 2014, the EBRD Board of Directors approved revisions to three major governance policies: the Environmental and Social Policy, Public Information Policy, and Project Complaint Mechanism Rules of Procedure.

The policies were greatly improved following an extensive consultation with stakeholders, including civil society organisations, industry associations, clients, other international financial institutions, and international organisations. Public meetings were held on the three draft policies in seven countries: Morocco, Ukraine, Georgia, Kazakhstan, Russia, Bulgaria and at EBRD headquarters in the UK.

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Green Economy Transition Approach

The EBRD’s Green Economy Transition Approach reflects the needs of its countries of operations and increased focus on environmental sustainability in the context of the Sustainable Development Goals and COP21.

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Information Classification (IC)

The EBRD recognises the importance of the information that it handles, including information that it receives from and sends to its clients, partners and suppliers.

It also recognises the need to prevent the unauthorised disclosure of sensitive information both inside and outside the Bank.

We have therefore launched a new Information Classification (IC) Scheme.

View guide


Integrity Risk Policy

The Bank’s Integrity Risks Policy and Terms of Reference for the Office of the Chief Compliance Officer

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Purchasing policy and procedures

The Internal Purchasing Policy and Procedures are designed to ensure that the purchase of all goods, services and works required for the satisfactory operation of the Bank Headquarters and Resident Offices is handled in a transparent, timely, efficient and effective manner with due regard to international purchasing best practice and the needs of individual user departments.

Political aspects of the EBRD mandate

The Agreement Establishing the European Bank for Reconstruction and Development includes a significant political element in that it specifies that the Bank may conduct its operations in countries of central and eastern Europe which not only are proceeding in their transition towards market-oriented economies, but also are applying principles of multiparty democracy and pluralism.

Soon after the Bank became operational its Board of Directors approved procedures to implement the political aspects of the Bank’s mandate in ways which recognise the critical link between the political and economic aspects of the Agreement.

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Procurement policies and rules

The EBRD's Procurement Policies and Rules are based on the fundamental principles of non-discrimination, fairness and transparency. They are designed to promote efficiency and effectiveness and to minimise credit risk in the implementation of the Bank's lending and investment operations.

Project Accountability Policy

The Project Accountability Policy describes the structure and procedures through which the new Independent Project Accountability Mechanism (IPAM) will:

  • review environmental, social and transparency-related concerns regarding EBRD Projects;
  • facilitate the resolution of issues among Project stakeholders;
  • determine whether the Bank has complied with its Environmental and Social Policy and Access to Information Policy (and where applicable, address any existing non-compliance with these policies, while preventing future non-compliance by the Bank); and
  • promote institutional learning.

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Purchasing policy and procedures

The Internal Purchasing Policy and Procedures are designed to ensure that the purchase of all goods, services and works required for the satisfactory operation of the Bank Headquarters and Resident Offices is handled in a transparent, timely, efficient and effective manner with due regard to international purchasing best practice and the needs of individual user departments.

View policy


Secure Mail (Switch)

The EBRD recognises the importance of the information that it handles, including information that it receives from and sends to its clients, partners and suppliers.   

It also recognises the need to prevent the unauthorised disclosure of sensitive information both inside and outside the Bank.

We have therefore implemented a new Secure Mail service called ‘Switch’ to enable the sending and receiving of sensitive data securely.

View guide



EBRD statement on retaliation

The EBRD does not tolerate actions by EBRD clients or other project counterparties that amount to retaliation – including threats, intimidation, harassment, or violence – against those who voice their opinion regarding the activities of the EBRD or its clients.

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Strategic and Capital Framework

The Strategic Capital Framework sets the EBRD’s medium term directions for the period 2016-2020.

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Strategy Implementation Plan (SIP)

The Strategy Implementation Plan (SIP) translates the EBRD’s strategic directions into a three-year operational plan as to how the Bank will deliver on its transition mandate whilst safeguarding its financial sustainability and managing its resources in an efficient manner. The SIP for 2020-22 concludes the current Strategic and Capital Framework (SCF) period with a detailed delivery plan for 2020.

View 2020-22 plan



View 2019-21 plan


Agribusiness strategy

The new Agribusiness Strategy sets out how the Bank will support the sector in its countries of operations. The Strategy will cover all the Bank’s countries of operations for the period 2019-2023.


Energy strategy

The European Bank for Reconstruction and Development (EBRD) has adopted a new Energy Strategy which will guide its investments in the energy and natural resources sector.

In the strategy the EBRD, already the largest investor in renewable energy and energy efficiency projects in its region, says it will not finance thermal coal and upstream oil projects except for investments in greenhouse gas reduction and reaffirms its commitment to helping the countries where it invests move towards sustainable energy sectors.

Financial Sector Strategy

The Strategy assesses the implementation of the previous strategy, describes the challenges faced by the financial sector within the current operating environment and sets out an operational approach focused on supporting the recovery of the financial system as an effective driver of economic growth and strengthening its resilience against future economic downturns.

Information and Communication Technologies Sector Strategy

Through its activities and investments in the information and communication technologies (“ICT”) sector (the “Sector"), the EBRD makes an important contribution to the transition process with the objective of establishing a fully liberalised, market-led, financially self-sufficient Sector.

Municipal and Environmental Infrastructure

Municipal infrastructure is probably one of the areas where challenges are the most daunting in the EBRD countries of operations. In 2010, an estimated 26 million people in the EBRD region did not have access to an improved water supply – and six countries had more than one million people without such provision. Eighty-six million people only had access to substandard or shared sanitation. More than 150 million people in the EBRD countries of operations depend on district heating and yet about 10,000 towns and cities in Russia alone and 2,000 in Central Europe await rehabilitation of their systems.



Mining operations policy

This document sets out the operational role of the Bank in the mining sector and establishes the overall framework for the Bank’s activities. This policy was approved by the Board of Directors in 2017 following the public consultation.

Micro, small and medium-sized enterprises

The Micro, Small and Medium-sized Enterprises (MSME) strategy focuses on the core elements of the Bank’s approach towards supporting the development of MSMEs in its countries of operation. Support for MSMEs is central to the Bank’s transition mandate, and the document sets out the underlying principles of EBRD’s activities in the sector going forward.

Property and Tourism Strategy

A vibrant Property & Tourism Sector is crucial for functioning economies and for supporting economic growth. The sector also contributes to the promotion of social inclusion, cultural preservation and mutual
understanding. Due to the high and prolonged environmental impacts of real-estate and cities, best practices and forward looking co-operative approaches are paramount.

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Shipping Operations Policy

The shipping operations policy formally sets out the Bank’s strategy in this sector. Previous to the approval of the policy, there was a Shipping Guidelines document, approved by the Board in December 1994 (BDS 94-161). The shipping operations policy was approved by the EBRD board on 31 October 2001.

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Transport Sector Strategy

This document sets out the Strategy which will guide the Bank’s operations in the transport sector. The Strategy will build on the achievements under the previous EBRD Transport Operations Policy and describe how the Bank will respond to the new challenges which have emerged.

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In the period since the adoption of the previous Strategy, Albania has made further progress in democratic reform, to a great extent geared towards integration into the EU. Albania obtained formal status as an EU candidate country in June 2014.


Armenia’s commitment to and application of the political principles as stated in Article 1 of the Agreement Establishing the Bank has, over the previous Country Strategy period, been marked by a stronger emphasis on upholding democracy, pluralism and the rule of law, in particular following a peaceful change in government in April-May 2018. The new authorities have committed themselves to profound changes and Armenia’s modernisation. As the reform process is at an early stage, important challenges still need to be addressed.



Azerbaijan’s rapid economic growth between 2005 and 2014, on the back of favourable commodity prices did not translate into a change of the country’s underlying economic structure, whose weaknesses were exposed by the end of the commodity super cycle. With the ensuing 2014-2015 banking crisis and economic recession afflicting much of the Bank’s engagement under the previous Country Strategy a new momentum for economic reform has, however, opened avenues for closer cooperation with authorities in key sectors of the economy.


Belarus’ political context has been shaped to a significant extent, over the past two years, by changes in the regional geopolitical environment. Since the start of the Ukraine crisis, Belarus has played a constructive role in the region, appreciated by the international community. At the same time, Belarus has moved towards increased international openness, including discussions on the state of affairs regarding democracy and human rights in the country.

Bosnia and Herzegovina

Bosnia and Herzegovina’s path to sustainable growth and development requires a much greater focus than before on an enabling business environment for private sector development, strengthened linkages between the two entities and with neighbouring countries and greater exploitation of the country’s natural comparative advantages.



Bulgaria’s commitment to and application of principles set out in Article 1 of the Agreement Establishing the Bank continued over the period since the previous Country Strategy approval. The country has made further progress in certain areas of democratic development, including the rule of law, particularly in the area of legislation, although some challenges remain as regards implementation.



The continuation of the prudent economic policies and an accelerated implementation of the reform agenda are essential conditions for Croatia to make full use of the accession opportunities and the EBRD stands ready to assist it in this direction.


The overarching strategic focus of the Bank in Cyprus is to support transition with institution and market enhancement and deep economic restructuring. This in turn should help the country to overcome the deep economic and financial crisis, in line with the objectives of the EAP.



In Egypt we focus on the development of the private sector, strengthening competitiveness, better economic integration and increased opportunities for women and young people. The EBRD works to improve the quality and sustainability of public utilities through private sector participation and enhancing energy security in the country and good governance.



Estonia implemented the body of EU market regulation prior to accession in 2004 and has benefited significantly from integration into the EU internal market through substantial capital inflows and growing trade shares with the rest of the EU. Estonia has one of the most knowledge-intensive economies in the transition region.



In the period since the adoption of the previous Strategy, Georgian authorities continued to pursue a reform agenda aimed at transforming Georgia into a European democratic state. The constitutional and legislative framework to achieve this objective has been put in place and significant progress has been made on the path of transition to an open market oriented economy. Implementation of the commitments in the areas of the rule of law and independence of the judiciary will contribute to the continued development of Georgia’s democratic institutions.



During the period 2008-15, the Greek economy went through a dramatic economic contraction. In order to contribute to the country’s recovery the EBRD was mandated in 2015 to engage in Greece with investments and policy dialogue for a temporary period until the end of 2020. Provided macroeconomic and political stability are maintained, and if investment picks up from current levels, the potential for a bounce-back from 2017 onwards is strong. Growth rebalancing is expected to be driven by the ongoing shift to a more export-oriented growth model and the development of Greece’s potential in areas such as tourism, logistics, regional energy projects, energy efficiency, food processing and pharmaceuticals.



Although Hungary is amongst the most advanced countries in the transition region in terms of market reform, significant transition gaps remain in several areas.



Jordan is a constitutional monarchy that, over the past three years, has undertaken significant political reforms against a backdrop of social, economic and security challenges resulting from regional turmoil and external shocks.



Kazakhstan’s economic growth slowed to 1.2 per cent in 2015 and further to 1.0 per cent in 2016, compared with 4.3 per cent in 2014, largely driven by the decline in oil prices. Although the legacy of high non-performing loans (NPLs) continues to weigh on the banking sector, growth is expected to improve to 2.4 per cent in 2017, supported by recovery in Russia, higher commodity prices and strong domestic and foreign investment. The exchange rate has stabilised, Tenge liquidity has improved, the base rate is declining and inflation is on a downward trend.


Kosovo is committed to and applying the principles of multiparty democracy, pluralism, and market economics in accordance with the conditions specified in Article 1 of the Agreement Establishing the Bank.


Kyrgyz Republic

The Kyrgyz Republic’s commitment to and application of the principles set out in Article 1 of the Agreement Establishing the Bank over the previous Country Strategy period continues to be positively assessed by relevant international bodies. Progress has been prominent in the areas of free elections and diverse civil society, although additional efforts with respect to the country’s performance in the fields of judicial
independence, measures to combat corruption and gender equality are required.



Latvia is among most advanced transition countries in the EBRD region. However the scale of the impact of the economic crisis on the Latvian economy has exposed areas that require a further acceleration of reforms and where the EBRD can be of support.



Despite successful market-oriented and democratic reforms, Lithuania was hit hard by the global financial crisis of 2009-2010. The crisis revealed a number of remaining reform challenges, particularly in the areas of competitiveness and public and corporate governance.



The pace of the reform process has been uneven in the previous strategy period, partially owing to Moldova’s contentious politics, although stability has strengthened since the establishment of a new coalition government in January 2016. The EU-Moldova Association Agreement, including DCFTA, fully entered into force in 2016, and a three-year IMF programme was approved in the same year, reopening international budget support and providing an anchor for reform.



Mongolia continues to meet the conditions specified in Article 1 of the Agreement Establishing the Bank. In more than two decades since the beginning of transition, the country has made significant progress on the path to pluralistic democracy and an open market-oriented economy.


Montenegro is committed to and applying the principles of multiparty democracy, pluralism and market economics in accordance with the conditions specified in Article 1 of the Agreement Establishing the Bank.



Over the past two and half years, Morocco has made notable progress in its reform of political institutions. It adopted a new Constitution approved through a public referendum, undertook a free and fair parliamentary election and formed two governments based on a parliamentary majority.


North Macedonia

North Macedonia’s commitment to and application of the political principles stated in Article 1 of the Agreement Establishing the Bank were seriously challenged for most part of the period since the adoption of the previous Country Strategy, as the country witnessed dramatic deterioration in the state of democracy due to what relevant EU reports qualified as a “state capture” by the leadership of the then governing political party.

The most severe political crisis in North Macedonia since the armed conflict of 2001 adversely affected the economy and hampered EBRD’s operations in the country. Its resolution, which culminated in change in government in spring 2017 to a new pro-reform coalition, led by the previously main opposition political party, stands to mark an auspicious turning point, with improvements in the area of the rule of law, restoring checks and balances in the political system and a comprehensive economic reform agenda at the core of the programme.



Poland has made impressive progress in building democratic institutions since the beginning of transition, having consolidated its democratic system in the process of acquiring EU membership. Political pluralism is further strengthened by the existence of a vibrant civil society, independent media and democratic political tradition.


Although Romania is an advanced transition country and a member of the European Union, the country still faces significant transition challenges in the coming years in certain sectors.



The Russian Federation is committed to the principles of multiparty democracy, pluralism and market economics in accordance with Article 1 of the Agreement establishing the Bank, although progress in the application of these principles during the previous Strategy period has been uneven.


Economic growth has returned, as the country has largely overcome the economic disruption in the wake of the severe floods in 2014. The pace of economic reforms has also accelerated, and Serbia was named among the top ten performers in the 2016 World Bank Ease of Doing Business report. A three-year agreement with the IMF was signed in 2015, with implementation of structural reforms a key element. Serbia continues to advance steadily on its path to EU membership and is an active participant in the Berlin Process, seeking closer integration with its Western Balkan neighbours. The EBRD supports these processes both through investments and policy engagement and will continue to do so – coordinating with multilateral and bilateral partners -- in the coming strategy period.


Slovak Republic

With GDP per capita reaching 77 per cent of the EU-average, the Slovak Republic is the second wealthiest economy in the Central Europe and Baltics region. Growth has remained stable, at 3.3 per cent in 2016, supported by strong private consumption and net exports. Since the early 1990s, the country has made spectacular progress on moving from a planned system, showing great progress along all six qualities of a sustainable market economy identified by the Bank



Slovenia is committed to and applying the principles of multiparty democracy, pluralism and market economics in accordance with the conditions specified in Article 1 of the Agreement Establishing the Bank.


The EBRD’s Board of Directors has approved a new country strategy for Tajikistan which will define the Bank’s activities in that country for the next three years from 2015 to 2018. Bank operations in Tajikistan started in 1992 with technical cooperation, with the first investments in 1996. During this time, the EBRD has concentrated on private sector development, which accounts for over 70 per cent of the Bank’s investment there.

Strategy: English | Russian | Tajik



The EBRD has been working in Tunisia since 2012 and is well positioned to help mobilise much-needed private investment in the country, contribute to implementation of the Tunisia Development plan, and support reform efforts for job creation and inclusive growth through tailored policies and financial instruments.

Given the challenging political economy, the Bank will seek to focus both on reform opportunities with substantial short-term benefits in terms of their potential to attract investment and sustain growth, as well as build capacity to address more long-term structural reform issues.

Strategy: English | French

Report on public comments



The Bank will continue to engage with and leverage its strong private sector record to advance the country’s transition to a knowledge-driven economy while placing renewed emphasis on technology and skills transfers, improved business standards, and financial market sophistication as prerequisites for a more innovative and entrepreneurial business landscape.



Turkmenistan’s commitment to and application of the political principles in Article 1 of the Agreement Establishing the Bank remain the subject of concern by relevant international bodies, despite some efforts by the authorities to improve the constitutional and legislative framework over the period covered by the previous County Strategy.


Ukraine is committed to and applying the principles of multiparty democracy and pluralism as enshrined in Article 1 of the Agreement establishing the Bank. Following Revolution of Dignity, wide-ranging efforts have been made to accelerate passing and implementation of democratic reforms. While many challenges remain, in particular in the area of the rule of law, and in tackling corruption, significant
accomplishments have been made.



The Bank’s new phase of engagement with the country was prompted by a major reform programme launched by the authorities in February 2017 moving towards a more open, integrated market economic model, improving international relations, strengthening the rule of law and judicial independence and achieving the liberalisation of the foreign exchange rate.