Legal Encyclopedia. Letter E

European Bank for Reconstruction and Development

- Is an international inter-governmental financial-credit organization.

of the Bank Agreement signed in 1990 (the first operation started in 1991). Headquarters - in London. The number of Member States - 61 (1996) and two international organizations: the European Union (EU) and the European Investment Bank. Russia - a member of the Bank since its inception. Bank members are European countries and non-European countries - members of the IMF. The Bank's capital consists of contributions from Member States. 50% of shares belong to the EU, 10% - United States, 4% - Russia. For lending bank has the authority to raise capital.

The official purpose of the Bank: assistance

economic development of the countries of Central and Eastern Europe on the basis of the transition to an open market economy and private enterprise; help

borrowing countries in structural reforms, privatization, elimination of monopolies, decentralization and the progressive integration of their economies into the world economy. The Bank operates in both the public and private sector participates only in commercially viable projects, does not issue guarantees for export credits and provides retail banking services. The Bank of Russia's activity is carried out in the following areas: participation in investment projects (up to 35% of the costs of the project) in the form of loans or equity investments in various economic sectors (energy,

automotive, shipping,

wood processing, trade, etc.).; creation of investment funds and venture capital funds; implementation of the financial institutions of development programs; implementation of other programs in the financial sector; support for small businesses; technical cooperation for the preparation of projects and justify the appropriateness of their funding.

The governing bodies of the EBRD - the Board of Governors, directors, president, vice-presidents. Governing Council - the supreme body of the Bank, each country - a member of the Bank is represented in it manager and his deputy.

Council meetings are held once a year. The Board decides on the admission of new members, elects the president and directors of the Bank. The Directorate consists of 23 members (1995). 11 Directors - Governor of the Bank of Belgium, Britain, Germany, Greece, Denmark, Ireland, Italy, Spain, Luxembourg, the Netherlands, Portugal, France, the EU and the EIB, 4 directors - the countries of Central and Eastern Europe, 4 - from other European countries and 4 - from non-European countries. The mandate of the Director is valid for 3 years, each Director shall appoint the Deputy. The Directorate is responsible for general management of the Bank, upon presentation of operational (credit) the committee decides on the Bank's projects, prepares the meetings of the Governing Council determines the annual balance sheet, on the recommendation of the president appoints the vice-presidents. President (mandate - 4 years) is the legal representative of the Bank, led by the current

activities, responsible for the organization of work, employment and dismissal of personnel.

EBRD is divided into departments: banking, finance, project assessment, legal issues, chief economist, communications, personnel and administration. First Vice-President is the head of the department of banking operations. The department has two regional divisions: "Nordic countries" (including Russia) and the "southern countries" and 20 regional offices. The Bank has established the Environmental Affairs Advisory Board of the environment. The EBRD publishes general information (annual reports, economic surveys), periodicals and studies on specific topics. Officially opened in April 1991. It brings together 39 countries, including all EU countries (Belgium, Great Britain, Germany, Greece, Denmark, Spain, Italy, Ireland, Luxembourg, Netherlands, Portugal, France), the EU Commission and the European Investment Bank. The authorized capital of the Bank amounts to 10 billion crowns (on January 1, 1993 1 ECU = $ 1.25.), The US contribution is equal to 10%, the UK, Germany, Italy and France by 8.5%

other EU members - from 0.2 to 3.4%, the share of the former USSR 6%, the countries of Central and Eastern Europe (Bulgaria, Hungary, Poland, Czech Republic, Slovakia, Romania) - 6%. The seat of the Bank - London, where there are meetings of the Governing Council (represented by all countries) and the Board of Directors (23 members). The purpose of the EBRD - to promote the establishment of market economies and democracies in Eastern Europe. The Bank grants loans to both private and public institutions to the needs of economic development. However, 60% of the funds should be called apravlyatsya in the private sector and 40% - to the state.

EBRD works exclusively on a commercial basis and the charity does. It provides only purpose loans for specific projects. In addition to providing targeted loans EBRD makes direct investments, as well as providing technical assistance. This issue of Tips and conducting various training courses bankers and managers, and help in organizing food distribution systems. And the bank with special money for technical assistance does not have, and this attracts other resources, including

created from special funds in the EU countries.

EBRD supports the establishment of a new bank that would finance the export of Eastern European countries in the CIS. EBRD organizes courses for bankers from the former USSR. Work on the program to support the Russian stock exchanges. Commercial units EBRD is preparing more than one hundred specific programs for the CIS with the alleged involvement of the bank.