European Bank for Reconstruction and Development (EBRD)

http://www.ebrd.com

Basic facts

The European Bank for Reconstruction and Development (EBRD) is an international financial institution with headquarters in London. It was established by the Agreement Establishing the EBRD signed on 29 May 1990 in Paris.

The EBRD was created to foster the transition of countries in Central and Eastern Europe and the former Soviet Union into democratic societies and open market-oriented economies. Through advisory activities, the provision of loans, capital inflow and guarantees, the EBRD currently supports private economic activities, privatisation, restructuring, structural reforms, infrastructure development and a highly competitive environment in countries from Central Europe to Central Asia which are committed to and apply the principles of democracy and pluralism.

The EBRD is owned by 61 member countries (including 29 countries of pperation), the European Union and the European Investment Bank. The total amount of subscribed capital is EUR 30 billion, with EUR 6 billion as paid-in shares and EUR 24 billion as callable shares.

EBRD bodies

The highest body of the EBRD is the Board of Governors. Each EBRD member, including the European Union and the European Investment Bank, appoints one Governor and one Alternate to the Board. A meeting of the Board of Governors takes place at least once a year.

The highest EBRD representative is its President. He is elected by the Board of Governors for a four-year term and can be re-elected. Since July 2008, Thomas Mirow has been the EBRD President , replacing Jean Lemierre, who had served in the position for 8 years.

The Board of Directors is responsible for operation of the EBRD. It consists of 23 Directors appointed for three years by an individual country or a constituency. The constituency represents a group of countries and reflects the share each country has in the EBRD's authorised capital. The placement of countries into constituencies is governed by constituency agreements.

Slovakia's membership in the EBRD

The Slovak Republic has been an EBRD member since 1993 as a result of succession after the split of Czechoslovakia (which was one of the founding EBRD members). The EBRD Governor for Slovakia is the Minister of Finance and his Alternate is NBS Governor Jozef Makúch.  

The Slovak Republic is a member of a multinational constituency together with the Czech Republic, Hungary and Croatia. The Constituency Agreement was signed in April 1991 and updated in February 1993 after the split of Czechoslovakia. Croatia joined the Constituency Agreement in December 1993.

According to the Constituency Agreement, the Czech Republic and Hungary hold in turn the position of the Director and Alternate Director for periods of three years. The Slovak Republic is represented by the Advisor to the Director. Since 1 May 2009, Pavel Štěpánek (Czech Republic) has been the Director. His alternate is László Urbán (Hungary). Slovakia's present representative in the EBRD is Alena Sabelová, who has been Advisor to the Director since 15 January 2006.

Slovakia's subscribed capital in the EBRD totals EUR 128.07 million, with EUR 26.71 million as paid-in shares and the rest in the form of callable shares. 

EBRD activities in Slovakia

The EBRD has actively participated in Slovakia's successful transition to a market economy. During 2000 - 2009, the EBRD had implemented 119 projects in Slovakia with a total project value of EUR 5.5 billion. EBRD projects in Slovakia currently focus mainly on reducing the energy intensity of the Slovak economy, supporting financing for small and medium enterprises and infrastructure development.

In February 2009, the Board of Directors of the EBRD approved the EBRD Strategy for the Slovak Republic, which defines the priority activities of the EBRD in Slovakia for the next two years. The EBRD identifies the continuation of reforms in Slovakia as a key priority to sustain the sound economic performance of the country jointly with the process of industrial diversification and the reduction of regional inequalities. The EBRD Strategy also includes improvement of the business environment, promotion of alternative energy sources as well as modernisation of infrastructure using PPP financing.

In May 2006 the Capital Resource Review 3 (CRR3) for 2006-2010 was approved at the Annual Meeting of the Board of Governors. The trend for the CRR3 period is the shift of EBRD activities toward the eastern and south-eastern European countries of operation and to central Asia and the step-by-step graduation of the EU-8 countries (Visegrad 4 countries, Baltic countries and Slovenia).

The Slovak Republic as a donor to the EBRD

The Slovak Republic became a donor to the EBRD in 2006 when it joined the European Western Balkans Joint Fund (EWBJF, originally called the Western Balkans Fund). The Fund offers Slovak entities the opportunity to participate in its activities in Western Balkans countries.

In 2009, a Technical Cooperation Fund was established between the Slovak Republic and the EBRD. The Fund is dedicated to supporting the activities of Slovak entities where their purpose is to assist EBRD countries of operation that are eligible for Official Development Assistance (ODA). The Fund finances projects across all sectors, and a proportion of its resources are set aside for use in connection with energy efficiency, renewable energy and climate change mitigation.

EBRD Residence Office in Slovakia

EBRD Bratislava Office
European Business Centre (block C, 2nd floor)
Suché mýto 1
811 03 Bratislava
Slovakia
Tel: +421 2 5910 1700
Fax: +421 2 5910 1750

 

Updated: December 2010