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The European Bank for
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Member Contributors to EBRDMembership and CapitalThe EBRD has 60 members (58 countries, the European Community and the European Investment Bank), including 26 countries of operations in central and eastern Europe and the Commonwealth of Independent States (CIS).The EBRD operates in the following countries: Albania, Armenia, Azerbaijan, Belarus, Bosnia & Herzegovenia, Croatia, Czech Republic, Estonia, Macedonia, Georgia, Hungary, Kazakstan, Krygystan, Latvia, Moldova, Poland, Romania, Russian Federation, Slovak Republic, Slovenia, Tajikistan, Turkmenistan, Ukraine and Uzbekistan. The EBRD's initial subscribed capital is ECU 10 billion, of which 30 per cent is paid in. In April 1996 the Board of Governors agreed to increase the Bank's capital base to ECU 20 billion. The Bank also borrows in various currencies on world capital markets.
OrganisationThe powers of the EBRD are vested in a Board of Governors, to which each member appoints a Governor and an Alternate. The Board of Governors has delegated powers to a Board of Directors with 23 members, who are elected by Governors for a 3-year term.The Board of Directors is responsible for the direction of the general operations of the Bank, including establishing policies, taking decisions concerning projects and approving the budget. The President is elected by the Board of Governors for a 4-year term. Vice Presidents are appointed by the Board of Directors on the recommendation of the President.
FinancingUnlike the World Bank, the EBRD can operate in both the private and public sectors. The kinds of finance it offers include loans, equity investments and guarantees. The terms of the EBRD's funding are designed to enable it to cooperate both with other international financial institutions and with public and private financial institutions through co-financing arrangements.By 31 December 1996, the Bank had approved 450 projects: these involved ECU 9.96 billion of the EBRD's own funds and were expected to mobilize an additional ECU 20.1 billion. Of the approved projects, 370 had been signed committing ECU 7.7 billion of the EBRD's own funds. Seventy-three per cent of total approved funding was for private sector projects. The EBRD's headquarters are in London, with 24 Resident Offices or Regional Offices in 22 of its countries of operations.
Members of the EBRD as of December 31, 1996 (with capital subscriptions to EBRD in millions of US$ in parentheses):Albania ($11.5); Armenia ($5.7);Australia ($115); Austria ($262); Azerbaijan ($11.5); Belarus ($23); Belgium ($262); Bosnia and Herzegovina ($19.4); Bulgaria ($90.8); Canada ($390.8); Croatia ($41.9); Cyprus ($11.5); Czech Republic ($98.1); Denmark ($137.9); Egypt ($11.5); Estonia ($11.5) Finland ($143.7); Macedonia ($7.9); France ($979); Georgia ($11.5); Germany ($979); Greece ($74.7); Hungary ($90.8); Iceland ($11.5); Ireland ($34.5); Israel ($74.7); Italy ($979); Japan ($979); Kazakhstan ($26.4); Korea ($74.7); Kyrgyzstan ($11.5); Latvia ($11.5); Liechtenstein ($2.3); Lithuania ($11.5); Luxembourg ($23); Malta ($1.2); Mexico ($34.5); Moldova ($11.5); Morocco ($11.5); Netherlands ($285.1); New Zealand ($11.5); Norway ($143.7); Poland ($147.1); Portugal ($48.3); Romania ($55.2); Russia ($459.8); Slovak Republic ($49); Slovenia ($24.1); Spain ($39.1); Sweden ($262.1); Switzerland ($262.1); Tajikistan ($11.5); Turkey ($132.2); Turkmenistan ($1.2); Ukraine ($92); United Kingdom ($979); USA ($1,149.4); Uzbekistan ($24.1); European Community ($344.8); European Investment Bank ($344.8).
Top Six Contributors to the EBRD:USA $1,149.4 millionFrance $979 Germany $979 Italy $979 Japan $979 United King. $979
Total of top six = $6.044 billion (55% of total) EBRD total investment pool, 1996 = $10.967 billion
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