EBRD – non-sovereign
- Score:
- 45.1
- Position:
- 6 / 22 (Non-sovereign)
Overview
The European Bank for Reconstruction and Development (EBRD) is a multilateral development bank that aims to promote transition in central and eastern Europe, central Asia, and the southern and eastern Mediterranean. Its non-sovereign portfolio provides loans, equity investments, and guarantees as well as business advisory services to private institutions. EBRD’s shareholders include countries from the region and the rest of the world, plus the European Union and the European Investment Bank. EBRD started publishing to the IATI Standard in May 2015. EBRD was established in 1991.
Analysis
EBRD ranked 6th in the non-sovereign assessment with a score of 45.1 out of 100. Its performance across all indicators was very similar to 2023, with its overall score only rising by less than 1 point. Its lack of improvement across all indicators meant that it dropped down from its 2023 ranking of 4th when it scored 44.1. EBRD fell in the rankings for all five components of the assessment between 2023 and 2025. EBRD publishes data to the IATI Standard and discloses project-level data in a bulk download format.
EBRD’s non-sovereign portfolio ranked 8th in the Core Information component with a score of 13.46 out of 20 and dropping from its position at 4th in 2023. Overall, it scored on fifteen of the seventeen indicators in this component. This time EBRD scored for project title and sub-national location which it failed in 2023 because of inconsistent disclosure. It did not score for signature date this time, however. It still did not score for domicile, sub-sector, disbursement, and funding source. Some format points were also lost due to several data points not being included in its bulk download file.
In the Impact Management component, EBRD ranked joint 5th with a score of 11.75 and dropping from its position as joint 3rd in 2023. Despite its drop in ranking, EBRD’s performance remained unchanged across all indicators in this component. It continued to score points for all organisation-level questions apart from its approach to determining impact attribution. It was one of eight non-sovereign DFIs to score for the additionality statements indicator but did not score for any other project-level indicator, including impact indicators/metrics and results.
EBRD ranked joint 7th with a score of 15 out of 30 in the ESG and Accountability to Communities component, dropping slightly from its position at 5th in 2025. Its performance stayed the same across all organisation-level indicators in this component. It continued to score on all except the independent accountability mechanism (IAM) community disclosure policy. For project-level indicators it only scored for summary of E&S risks and IAM global disclosure. EBRD dropped some points since 2023 due to inconsistent disclosure E&S standards triggered by projects.
In the Financial Information component, EBRD’s non-sovereign portfolio ranked 10th out of 22 and scored 3.6 out of 15. This is a significant drop from when it was top of the rankings in this component in 2023. EBRD no longer scored for co-financing and share of equity due to inconsistent disclosure across our sample of projects. Notably, EBRD scored for the new climate finance methodology indicator and parts of the new project-level climate finance indicator. However, it lost formatting points because the climate finance data was only disclosed in PDF format.
EBRD ranked joint 8th scoring 1.25 in the Financial Intermediary and Sub-Investments component, slightly down from joint 7th in 2023. Despite this slight drop in ranking, EBRD’s performance across all indicators in this component stayed the same. Similarly to nine other non-sovereign institutions, it only scored on the FI (bank) use of funds indicator.
Recommendations
- EBRD should review its disclosure policy in line with industry best practices and the DFI Transparency Tool.
- EBRD should include more data points in its bulk download file that it already publishes elsewhere, including sub-sector, investment instrument, total investment cost, commitment, client name, E&S category, and last update date.
- It should publish data points that are already disclosed on its data portal to the IATI Standard, including sub-national location and client contact.
- EBRD should begin disclosing further Core Information data including domicile, disbursement, funding source, and signature date.
- It should publish its approach to determining impact attribution.
- EBRD should disclose activity indicators/metrics and results.
- It should publish E&S documents for all investments, including minimum documentation for higher risk projects.
- EBRD should provide assurance of community disclosure for investments when disclosure is required.
- It should disclose beneficial ownership statements and client shareholders at the project level.
- EBRD should create a policy guiding the disclosure of the presence of the IAM at community level.
- For Financial Information, EBRD should consistently disclose whether an investment is a repeat investment, currency of investment, detailed co-financing data, loan tenor, the amount of mitigation/adaptation climate finance and how much of the investment was concessional. It should also begin disclosing finance mobilised, equity share, and climate finance rationale.
- It should develop policies for FI sub-investment disclosure in line with the guidance in Publish What You Fund’s DFI Transparency Tool and disclose sub-investments for both private equity fund and qualifying bank investments.