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Home/DFI Index/DFI Transparency Index 2025/EBRD – sovereign
DFI

DFI Transparency Index 2025

EBRD – sovereign

Score:
55.8
Position:
6 / 10 (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 sovereign portfolio provides loans and guarantees as well as business advisory services to public 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.

Total asset size: $81.6bn (EBRD overall)
Key links
  • EBRD website
  • EBRD project database

Analysis

Overall, EBRD’s sovereign portfolio ranked 6th out of 10 institutions and scored 55.8 out of 100. It increased its score from 48.4 in 2023, but moved down from its ranking at 4th. EBRD publishes data to the IATI Standard and discloses project-level data in a bulk download format. It maintained the same rankings as in 2023 across all components except ESG and Accountability to Communities. However, EBRD continued not to score for key indicators including the publication of results and disclosure of loan agreements/contracts, negatively affecting its overall performance.

EBRD came 5th in the Core Information component scoring 18.27 out of 30 and maintaining its 2023 ranking. It scored for fifteen of the seventeen indicators. Since 2023, it lost points due to inconsistent disclosure of sub-national location to IATI, but gained points for disclosing sector to IATI consistently this time. Signature date was not found this time.

In the Impact Management component, EBRD ranked 6th with a score of 18 out of 30, maintaining its 2023 position. It continued to score points for all organisation-level questions apart from its approach to determining impact attribution. At the project level, EBRD made progress since 2023 on the activity indicators and metrics indicator, scoring 100 per cent after previously scoring zero. However, its failure to publish results for sovereign activities was a key factor in its weaker overall performance.

EBRD came 7th in the ESG and Accountability to Communities component with a score of 16.33 out of 30, dropping from its position as joint 5th in 2023. 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. At the project level, its score also did not change from 2023; it scored for the summary of E&S risks and IAM global disclosure indicators. Although it scored for disclosing what E&S documentation was produced, it did not consistently publish these to be able to score higher. It also did not score for the assurance of community disclosure indicators.

For Financial Information, EBRD came 7th with a score of 3.17, maintaining its 2023 ranking. Due to more consistent disclosure, it improved its score on co-financing data in 2025. 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.

Core Information 18.27 / 30
Impact Management 18 / 30
ESG & Accountability to Communities 16.33 / 30
Financial Information 3.17 / 10

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 project description and objectives, sub-national location, sub-sector, investment instrument, total investment cost, commitment, name of client, E&S category, approval date, and last update date.
  • EBRD should begin disclosing further Core Information data including funding source, signature date and investment contracts. It should consistently disclose disbursement values.
  • It should publish its approach to determining impact attribution.
  • EBRD should disclose results indicators, including baseline, target and current value data.
  • EBRD should create a policy guiding the disclosure of the presence of the IAM at community level.
  • It should consistently identify what E&S standards are triggered by projects. It should also 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.
  • For Financial Information, EBRD should consistently disclose the currency of investment, the amount of co-financing provided by each co-financer, and the amount of mitigation and adaptation climate finance.
  • EBRD should begin disclosing detailed loan pricing information, a rationale for why climate finance has been counted and a budget breakdown for climate finance.
Core Information 18.27 / 30
Impact Management 18 / 30
ESG & Accountability to Communities 16.33 / 30
Financial Information 3.17 / 10

Deep Dive

Core InformationImpact ManagementESG & Accountability to CommunitiesFinancial Information

Core Information

18.27 / 30
About component

The basic information that describes a DFI’s organisational policies and investments. This type of information is typically found in key organisation documents and represents the first tier of project information, typically disclosed on project web pages or in files available for bulk download. At the organisation level this includes access to information policies and annual reports. At the project level, this includes project titles, locations, and key dates.

Disclosure / access to information policy

Score: 1.5 out of 3
Does the development finance institution (DFI) have a disclosure or access to information policy?0.75 / 0.75
Does the policy include a presumption of disclosure?0.75 / 0.75
Does the policy have limitations of commercially sensitive information and sensitive internal deliberations information?0 / 0.75
Does the policy have an independent appeals process?0 / 0.75

Accessibility

Score: 1.33 out of 2
Does the DFI's portal allow free, bulk export of data?0.67 / 0.67
Does it contain detailed disaggregated data?0.67 / 0.67
Is the data published under an open licence?0 / 0.67

Annual reports

Score: 1 out of 1
Does the DFI disclose an annual report?1 / 1

Project identification

Score: 1.5 out of 1.5
Does the DFI disclose a project title?0.75 / 0.75
Does the DFI disclose a unique identifier for the project?0.75 / 0.75

Status

Score: 1.5 out of 1.5
Does the DFI disclose the current status of the activity?1.5 / 1.5

Project description

Score: 1.5 out of 1.5
Does the DFI disclose a description of the activity?0.75 / 0.75
Does the DFI disclose the objectives, rationales, and expected outcomes of the activity?0.75 / 0.75

Location

Score: 1.13 out of 1.5
Does the DFI disclose the country the activity takes place in?0.75 / 0.75
Does the DFI disclose the sub-national location the activity takes place in?0.38 / 0.75

Sovereign / non-sovereign

Score: 1.5 out of 1.5
Does the DFI disclose the activity as sovereign or non-sovereign? Or; Does the DFI disclose the activity as public sector or private sector?1.5 / 1.5

Sector

Score: 0.75 out of 1.5
Does the DFI disclose the sector of the activity?0.75 / 0.75
Does the DFI disclose the sub-sector of the activity?0 / 0.75

Investment instrument

Score: 1.5 out of 1.5
Does the DFI disclose the investment instrument of an activity?1.5 / 1.5

Project costs

Score: 0.75 out of 1.5
Does the DFI disclose the total investment cost?0.25 / 0.5
Does the DFI disclose the DFI commitment for the investment?0.5 / 0.5
Does the DFI disclose the disbursement for the investment?0 / 0.5

Funding source

Score: 0 out of 1.5
Does the DFI disclose the source of funding for the investment?0 / 1.5

Client

Score: 1.5 out of 1.5
Does the DFI disclose the name of the client?1.5 / 1.5

Contacts

Score: 1.31 out of 1.5
Does the DFI disclose a relevant DFI contact?0.75 / 0.75
Does the DFI disclose a relevant client contact?0.56 / 0.75

E&S risk category

Score: 0.75 out of 1.5
Does the DFI disclose the environmental and social (E&S) risk category of the activity?0.75 / 1.5

Progress dates

Score: 0.75 out of 1.5
Does the DFI disclose the date of activity disclosure?0.38 / 0.38
Does the DFI disclose the approval date of the activity?0.19 / 0.38
Does the DFI disclose the signature date of the activity?0 / 0.38
Does the DFI disclose the last update date of the project data?0.19 / 0.38

Contract (sovereign only)

Score: 0 out of 4.5
Does the DFI disclose the investment contract for the activity?0 / 4.5

Impact Management

18 / 30
About component

The ways in which a DFI predicts, measures, and evaluates the impacts of their investments. At the organisation level, this includes an impact measurement approach. At the project level, this includes activity indicators/metrics and results.

Impact measurement approach

Score: 4 out of 6
Does the DFI publish a methodology explaining its approach to impact measurement?2 / 2
Does the DFI indicate which standards/initiatives it is aligned to?2 / 2
Does the DFI explain its approach to determining impact attribution?0 / 2

Sector / country strategy

Score: 4 out of 4
Does the DFI publish sector or (multi-)country strategies?4 / 4

Evaluations

Score: 4 out of 4
Does the DFI have a policy on the evaluation of investments?2 / 2
Does the DFI disclose the evaluations that it conducts?2 / 2

Activity indicators / metrics

Score: 6 out of 8
Does the DFI disclose results indicators for the activity?3 / 4
Does the DFI disclose metrics, definitions and/or methodologies for the indicators?3 / 4

Results

Score: 0 out of 8
Does the DFI disclose baseline data for identified indicators?0 / 2.67
Does the DFI disclose a target value for the indicators?0 / 2.67
Does the DFI disclose an actual/current value for the indicators?0 / 2.67

ESG & Accountability to Communities

16.33 / 30
About component

The ways in which a DFI predicts, mitigates, and communicates the ESG aspects of their activities. At the organisation level this includes E&S global disclosure policy and E&S community disclosure policy. At the project level this includes E&S plans and assessments, and assurance of community disclosure.

E&S global disclosure policy

Score: 5 out of 5
Does the DFI have a policy on early disclosure of investments?0.83 / 0.83
Does the DFI clearly articulate what E&S documentation will be disclosed for medium and high-risk projects?0.83 / 0.83
Does the DFI disclose the E&S policies/standards it applies (e.g. IFC Performance Standards or in-house policies) for its investments?0.83 / 0.83
Does the DFI have a policy that specifies when a document should be translated and in which language?0.83 / 0.83
Does the DFI disclose an explanation of project risk categorisation?0.83 / 0.83
Does the DFI disclose a list of investment exemptions?0.83 / 0.83

E&S community disclosure policy

Score: 4 out of 4
Does the DFI have a community disclosure policy?1 / 1
Does the policy require early disclosure to project-affected people?1 / 1
Does the DFI clearly articulate what E&S documentation will be disclosed to project-affected people for investments?1 / 1
Does the DFI have a free, prior, and informed consent (FPIC) policy?1 / 1

IAM global disclosure documentation

Score: 2 out of 2
Does the DFI disclose the availability of the Independent Accountability Mechanism (IAM) on its website?1 / 1
Does the DFI IAM have a publicly available registry that publishes results, responses, or findings?1 / 1

IAM community disclosure policy

Score: 0 out of 2
Does the DFI require clients to disclose the availability of the IAM to project-affected people where appropriate? Or; Does the DFI state that it will disclose the availability of IAM to project-affected people?0 / 2

PGM community disclosure policy

Score: 2 out of 2
Does the DFI require clients to disclose the availability of the project-level grievance mechanism (PGM) to project-affected people where appropriate? Or; Does the DFI state that it will disclose the availability of the PGM to project-affected people?2 / 2

Summary of E&S risks

Score: 1 out of 2
Does the DFI disclose a summary of E&S risks for an activity?1 / 1
Are E&S standards triggered by the project identified?0 / 1

E&S project plans / assessments

Score: 1.33 out of 4
Does the DFI disclose the minimum E&S documentation for the risk categorisation?0 / 1.33
Does the DFI disclose what E&S documentation was produced for the activity?1.33 / 1.33
Does the DFI disclose all identified E&S documents that were produced for the activity?0 / 1.33

Assurance of community disclosure

Score: 0 out of 8
Does the DFI state if disclosure of the activity to projected-affected people was required?0 / 1
If yes, then: Does the DFI state the date of community E&S disclosure?0 / 1
Does the DFI state the place of community E&S disclosure?0 / 1
Does the DFI state the method of community disclosure?0 / 1
Does the DFI state what documentation was disclosed?0 / 1
Does the DFI identify the language of disclosure to project-affected people?0 / 1
Does the DFI state if the presence of a project grievance mechanism was disclosed and the method it was disclosed?0 / 1
Does the DFI state if the presence of an independent accountability mechanism was disclosed and the method it was disclosed?0 / 1

IAM global disclosure

Score: 1 out of 1
Does the DFI disclose the presence of the IAM on the DFI project page?1 / 1

Financial Information

3.17 / 10
About component

This information provides details on the financial performance of DFIs and the structuring of investments. At the organisation level, this includes audited financial reports. At the project level, this includes currency of investment, mobilisation, and concessionality

Financial reports / statements

Score: 1 out of 1
Does the DFI disclose audited financial reports/statements?1 / 1

Climate finance methodology

Score: 1 out of 1
Does the DFI publish a methodology explaining its approach to calculating climate finance?1 / 1

Currency of investment

Score: 0 out of 1
Does the DFI disclose the currency that the investment is made in?0 / 1

Co-financing

Score: 0.67 out of 1
Does the DFI disclose whether investment has co-financers or guarantors?0.33 / 0.33
If there are co-financers, does the DFI disclose the identity of the co-financers?0.33 / 0.33
And, does the DFI disclose the amount of financing provided by each co-financer?0 / 0.33

Loan pricing (sovereign only)

Score: 0 out of 2
Does the DFI disclose detailed pricing information about the investment, including interest rate and loan tenor?0 / 2

Climate finance

Score: 0.5 out of 4
Does the DFI disclose whether an investment includes climate finance?0.17 / 0.67
If the investment includes climate finance: Does the DFI disclose whether it is mitigation and/or adaptation climate finance?0.17 / 0.67
Does the DFI disclose the amount of climate finance for the investment?0.17 / 0.67
Does the DFI disclose the amount of mitigation and/or adaptation finance for the investment?0 / 0.67
Does the DFI disclose a rationale for why climate finance has been counted?0 / 0.67
Does the DFI disclose a budget breakdown for climate finance? (sovereign only)0 / 0.67
DFI

DFI Transparency Index 2025

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