The strategies and policies that govern the EBRD's operations are listed below by type and alphabetically.
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In its five-year Strategic and Capital Framework (SCF 2021-25), the European Bank for Reconstruction and Development (EBRD) committed for the first time to using the digital transition as an enabler of transition in all of the economies and sectors in which it invests.1 In this paper, the Bank sets out a framework for delivering on this commitment.
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.
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.
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.
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.
Code of conduct for EBRD personnel
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Code of Conduct for Officials of the Board of Directors of the EBRD
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.
The Conduct and Disciplinary Rules and Procedures of the EBRD consists of rules and procedures for reporting and investigating suspected staff misconduct and for imposing disciplinary measures when misconduct has been established.
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. This Policy was approved in January 2019, in response to developments in international tax policy, and entered into force on 1 July 2019 (superseding the policy that was approved in December 2013).
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).
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.
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.
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.
This policy establishes the scope and objectives served by evaluation in the EBRD.
‘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”.
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.
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.
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.
The Bank’s Integrity Risks Policy and Terms of Reference for the Office of the Chief Compliance Officer
The EBRD Personal Data Protection Policy and Directive were approved by the EBRD in 2021 and came into effect on the date of their approval.
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.
The Project Accountability Policy describes the structure and procedures through which the new Independent Project Accountability Mechanism (IPAM) will:
With this second SPGE (2021-25), the Bank will further scale-up its activities to promote gender equality throughout its operations, and introduce additional lenses to ensure that approaches reflect new and emerging challenges as well as tackle entrenched issues. The Strategy sets out the corresponding objectives and lenses, reflecting the Bank’s Strategic and Capital Framework (2020-25) priorities of climate change and digitalisation, as well as two additional cross-cutting areas that are crucial for enhancing women’s participation in the economy and public life: the provision of care and the promotion of women’s voice and agency, including the freedom from gender-based violence and harassment (GBVH).
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.
The Risk Appetite Statement provides a comprehensive summary of Risk Appetite parameters guiding the EBRD’s operations. Its main purpose is to facilitate concise presentation and informed periodic review of the amount of risk the EBRD is prepared to take in its key activities.
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.
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.
The Strategic and Capital Framework (SCF) 2021 - 2025 sets out the EBRD’s strategic aspirations for the period from 2021 to 2025 and confirms that the Bank has sufficient capital to support its proposed strategy even in the face of financial stress.
This SIP fosters continued implementation of the EBRD’s mandate to assist recipient countries become sustainable market economies and its core principles of transition impact, sound banking and additionality.
The EBRD Whistleblowing Policy provides a framework for reporting suspected misconduct, prohibited practices, unaddressed systems, processes and controls issues and integrity due diligence concerns.
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.
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.
The EBRD’s ongoing engagement in the financial sector is critical. CoOs continue to experience significant headwindsexacerbated by the COVID-19 crisis, which makes the large-scale redirection of capital needed to achieve transition to net-zero even more of a challenge. As the ability of banks to support the economic recovery is reduced, the gap in access to finance increases, particularly for female and young entrepreneursand MSMEs. The trade finance gap remains wide in most of the EBRD region.
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 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.
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.
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.
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.
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.
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.
Albania’s commitment to and application of the political principles stated in Article 1 of the Agreement Establishing the Bank continued since the adoption of the previous Country Strategy, in line with its efforts towards implementation of the comprehensive EU approximation agenda. This serves as the main external anchor for reforms, including as regards the strengthening of governance and the rule of law, where serious challenges remain.
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’s commitment to and application of the political principles stated in Article 1 of the Agreement Establishing the Bank has continued since the adoption of the previous Country Strategy, although the intricacies of the country’s constitutional setup adversely affects the functioning of its democratically elected institutions, aswell as civil and political rights of the citizens.
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.
Croatia’s commitment to and application of principles set out in Article 1 of the Agreement Establishing the Bank has continued over the period since the adoption of the previous Country Strategy.
The most recent member of the European Union (EU), Croatia became a member of the euro area and Schengen zone on 1st January 2023, and is in the advanced phase of the negotiations for joining the OECD.
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.
We’re resuming investment in the Czech Republic in response to a request by its government for help with recovery from the pandemic.
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.
Georgia has, over the previous Country Strategy period, remained committed to application of the political principles as stated in Article 1 of the Agreement
Establishing the Bank. However, tackling political polarisation, implementing electoral reform, strengthening the rule of law and ensuring the independence and
accountability of the judiciary remained, according to relevant international organisations, important challenges.
Even before the Covid-19 pandemic, Greece continued to face significant structural challenges, particularly in securing much-needed foreign investment given domestic funding constraints. Privatisations, PPPs and major infrastructure projects will all require financial support, and critical reforms still require implementation to attract necessary investment, enhance resilience and promote sustainable growth. The Bank is well placed to assist Greece in these targeted areas, in 2018 the Government requested, and EBRD shareholders approved, a five-year extension of its mandate until the end of 2025. The EBRD’s investments, backed by donor-funded technical assistance and policy dialogue, are intended to strengthen progress in the reform of Greece’s economy and contribute to its recovery. The EBRD deploys its experience and expertise in attracting and encouraging foreign and domestic investment, strengthening the role of the private sector and deepening regional integration.
Hungary is highly integrated into global value chains, and has been significantly impacted by COVID-19. The Bank will provide support for the recovery from COVID-
19 crisis as needed, as this may temporarily increase EBRD’s additionality during the strategy period, to be reviewed as a part of an extended Country Strategy
Delivery Review for 2023.
Jordan’s commitment to and application of the principles of multiparty democracy and pluralism as enshrined in Article 1 of the Agreement Establishing the Bank has, in the previous country strategy period, been marked by exogenous challenges, which made further progress understandably challenging.
Since the last Country Strategy for Kazakhstan was approved in July 2017, there has been mixed progress with its commitment to and application of Article 1 principles as set out in the Articles Establishing the Bank. In March 2019, First President Nazarbayev stood down from the presidency and, in early presidential elections in June 2019, Kassym-Jomart Tokayev was elected president. International election observers gave an overall critical assessment of the 2019 presidential elections and the 2021 parliamentary elections.
Kosovo’s commitment to and application of the political principles stated in Article 1 of the Agreement Establishing the Bank has continued since the adoption of the previous country strategy, in line with its efforts towards EU approximation. At the same time many challenges remain. Kosovo shares many key institutional weaknesses common to the Western Balkans countries, including weak rule of law, relatively low capacity of public administration, and an uneven culture of political dialogue and consensus building.
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.
Since the adoption of the previous Country Strategy, Moldova’s commitment to and application of the political principles stated in Article 1 of the Agreement Establishing the Bank have notably strengthened following a political change in 2020 2021 The new reform oriented authorities have taken steps to strengthen democracy and address the country’s long standing vulnerabilities, in particular in the field of justice, rule of law and the fight against corruption At the same time, Moldova’s reform ambitions require enhancing the capacity of public administration, especially in view of the magnitude of the challenges it faces.
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’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.
Over the last 4 years, the Romanian economy has been developing fast, fuelled particularly by private consumption supported by pro-cyclical fiscal measures. This led to inflation edging up higher, particularly over the last two years, a growing current account deficit, and higher budget deficits, estimated to have widened to about 4.6 per cent in 2019.
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.
Following years of rapid catching up with the EU, the Slovak Republic's persisting long-term structural challenges have triggered a deceleration in its convergence in recent years. The shock of Russia’s war on Ukraine has hit the economy before it managed to recover from the Covid-19 pandemic, causing value chain disruptions, input cost increases and growing concerns over energy security. Following the pandemic-induced recession in 2020, with a GDP drop of 3.3 per cent, the Slovak economy grew by 4.8 per cent in 2021, mostly driven by strong household consumption and government spending. Labour market remains tight, with several sectors facing labour shortages.
The Republic of Tajikistan’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 has received a mixed assessment by relevant international bodies. They have welcomed some improvements in the legislative framework, while raising concerns about retrograde steps in other areas. They have also raised a series of concerns about the application of the legal framework for democracy and human rights in practice.
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.
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.
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.
