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.
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.
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.