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Home / DFI Index / DFI Transparency Index 2023 / EBRD – non-sovereign
DFI

DFI Transparency Index 2023

EBRD – non-sovereign

Score:
44.1
Position:
4 / 21

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.  

Total asset size: $85.3bn (EBRD overall)
Key links
  • EBRD website
  • EBRD project database
  • EBRD bulk download of commitments

Analysis

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.

Core Information 12.83 / 20
Impact Management 11.75 / 25
ESG & Accountability to Communities 15.5 / 30
Financial Information 2.75 / 15
Financial Intermediary Sub-investments 1.25 / 10

Recommendations

  • 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. 
Core Information 12.83 / 20
Impact Management 11.75 / 25
ESG & Accountability to Communities 15.5 / 30
Financial Information 2.75 / 15
Financial Intermediary Sub-investments 1.25 / 10

Deep Dive

Core InformationImpact ManagementESG & Accountability to CommunitiesFinancial InformationFinancial Intermediary Sub-investments

Core Information

12.83 / 20
4 / 21
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

Accessibility

Score: 1.33 out of 2

Annual reports

Score: 1 out of 1

Project identification

Score: 0.5 out of 1

Status

Score: 1 out of 1

Project description

Score: 1 out of 1

Location

Score: 0.5 out of 1

Domicile (non-sovereign only)

Score: 0 out of 1

Sovereign / non-sovereign

Score: 1 out of 1

Sector

Score: 0.5 out of 1

Investment instrument

Score: 1 out of 1

Project costs

Score: 0.5 out of 1

Funding source

Score: 0 out of 1

Client

Score: 0.75 out of 1

Contacts

Score: 0.88 out of 1

E&S risk category

Score: 0.5 out of 1

Progress dates

Score: 0.88 out of 1

Impact Management

11.75 / 25
4 / 21
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: 3.75 out of 5

Sector / country strategy

Score: 3 out of 3

Evaluations

Score: 3 out of 3

Additionality statement (non-sovereign only)

Score: 2 out of 2

Activity indicators / metrics

Score: 0 out of 6

Results

Score: 0 out of 6

ESG & Accountability to Communities

15.5 / 30
5 / 21
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

E&S community disclosure policy

Score: 4 out of 4

IAM global disclosure documentation

Score: 2 out of 2

IAM community disclosure policy

Score: 0 out of 2

PGM community disclosure policy

Score: 2 out of 2

Summary of E&S risks

Score: 1.5 out of 2

E&S project plans / assessments

Score: 0 out of 4

Assurance of E&S community disclosure

Score: 0 out of 2

Beneficial ownership (non-sovereign only)

Score: 0 out of 2

IAM global disclosure

Score: 1 out of 1

Assurance of IAM community disclosure

Score: 0 out of 2

Assurance of PGM community disclosure

Score: 0 out of 2

Financial Information

2.75 / 15
1 / 21
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

Repeat investment

Score: 0 out of 1

Currency of investment

Score: 0 out of 1

Co-financing

Score: 0.5 out of 3

Concessionality (non-sovereign only)

Score: 0.75 out of 3

Mobilisation (non-sovereign only)

Score: 0 out of 3

Instrument-specific disclosure

Score: 0.5 out of 3

Financial Intermediary Sub-investments

1.25 / 10
13 / 21
About component

This information relates to the ways in which investments in FIs are used. At the organisation level, this includes FI sub-investment policy. At the project level, this includes private equity fund sub-investments and FI (bank) sub-investments.

FI sub-investment policy

Score: 0 out of 3.75

Private equity fund sub-investments

Score: 0 out of 2.5

FI (bank) use of funds

Score: 1.25 out of 1.25

FI (bank) sub-investments

Score: 0 out of 2.5
DFI

DFI Transparency Index 2023

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