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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.
EBRD had the fourth highest score in the non-sovereign assessment with 44.1 out of 100. EBRD performed strongly in the Financial Information component, coming first in our assessment. However, their overall performance was hindered by poor performance in the Financial Intermediaries Sub-investments component. EBRD publishes data to the IATI Standard and discloses project-level data in two files that are available for bulk download.
EBRD’s non-sovereign portfolio came fourth in the Core Information component, with 11.75 out of 20. EBRD scored for fifteen of the seventeen indicators. It scored 100% for five of these indicators because it publishes to IATI and provides a bulk download file. However, EBRD dropped points on other indicators as not all data points were disclosed on the bulk download files. EBRD was the only DFI not to score for project title as a result of failing the data quality test for having unexplained acronyms. On the other hand, it was the only non-sovereign DFI to score for all four date survey questions in the progress dates indicator.
EBRD came joint third in the Impact Management component with a score of 11.75 out of 25. It scored points for all organisation-level questions apart from its approach to determining impact attribution. It was one of five non-sovereign DFIs to score for the additionality statements indicator but did not score for any other project-level indicator.
EBRD came fifth in the ESG and Accountability to Communities component with 15.5 out of 30. It scored for all organisation-level indicators apart from 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 came top in the Financial Information component, with a score of 2.75 out of 15. It scored 100% in the financial reports/statements indicator. EBRD was one of only two non-sovereign DFIs to score for the co-financing indicator, one of three to score for the concessionality indicator, and one of three to score for disclosing share of equity. However, it did not score more than 25% for any project-level indicator, and did not score for the remaining three indicators.
EBRD scored 1.25 out of 10 in the Financial Intermediary (FI) Sub-investments component, similar to seven other non-sovereign DFIs by scoring points only on the FI (bank) use of funds indicator.
- EBRD should include more data points in its bulk download file that it already publishes elsewhere, including total investment cost, E&S risk category, and approval date.
- It should publish data points that are already disclosed on its data portal to the IATI Standard, including client description, client contact, and summary of E&S risks.
- EBRD should explain all acronyms used in project titles, either by spelling them out or attaching relevant frameworks.
- EBRD should publish sub-sector data in an additional format to the IATI Standard (such as website or bulk download).
- It should disclose further Core Information indicators including disbursement and funding source and consistently disclose sub-national location and domicile.
- EBRD should disclose activity indicators/metrics and results indicators.
- 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.
- EBRD should create a policy guiding the disclosure of the presence of the IAM at community level.
- EBRD should publish disaggregated mobilisation data and consistently publish for repeat investment, currency of investment, and co-financing indicators.
- 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.