Further information

Exchange rates

Non-euro currencies have been converted, where appropriate, into euros on the basis of the exchange rates current on 31 December 2013. (Approximate euro exchange rates: £0.83, US$ 1.38, ¥144.68.)

Abbreviations & acronyms

[table th=”0″] ABI[attr class=”col-sm-2″],Annual Bank investment[attr class=”col-sm-10″] “The Bank, EBRD”,The European Bank for Reconstruction and Development
BAS,Business Advisory Services
CIF,Climate Investment Funds
CIS,Commonwealth of Independent States
CTF,Clean Technology Fund
EIB,European Investment Bank
EITI,Extractive Industries Transparency Initiative
ETCs,Early transition countries
EU,European Union
FAO,Food and Agriculture Organization of the United Nations
FI,Financial institution
FYR Macedonia,Former Yugoslav Republic of Macedonia
GEF,Global Environment Facility
ICT,Information and communications technology
IFCA,Investment Facility for Central Asia
IFI,International financial institution
LEF,Local Enterprise Facility
MEI,Municipal and environmental infrastructure
MSMEs,”Micro, small and medium-sized enterprises”
NIF,Neighbourhood Investment Facility
OCCO,Office of the Chief Compliance Officer
OCE,Office of the Chief Economist
PCM,Project Complaint Mechanism
PPP,Public-private partnership
RuSEFF,Russia Sustainable Energy Financing Facility
SBS,Small Business Support
SEFF,Sustainable energy financing facility
SEI,Sustainable Energy Initiative
SEMED,Southern and eastern Mediterranean region
SMEs,Small and medium-sized enterprises
SRI,Sustainable Resource Initiative
SSF,EBRD Shareholder Special Fund
TC,Technical cooperation
TFP,Trade Facilitation Programme
WBIF,Western Balkans Investment Framework


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About this report

The EBRD’s Annual Report 2013 provides a comprehensive overview of our activities and achievements in the countries where we invest.

The report demonstrates that, amid economic turbulence and the deterioration of economies, the EBRD remains a strong, resilient and trusted partner.

It describes the transition impact of the Bank’s investments, projects and policy work, highlights its innovation in key sectors and geographical initiatives, and shows how the EBRD continues to promote sustainable growth and recovery.

Who we are

The EBRD is investing in changing people’s lives and environments across a region that stretches from central Europe to Central Asia, the Western Balkans and the southern and eastern Mediterranean.

Working together with the private sector, we invest in projects, engage in policy dialogue and provide technical advice that fosters innovation and builds sustainable and open-market economies.

What we do

We provide funds for well-structured, financially robust projects of all sizes (including many small businesses), both directly and through financial intermediaries such as local banks and investment funds. The Bank works mainly with private sector clients, but also finances municipal entities and publicly owned companies.

Our principal financing instruments are loans, equity investments and guarantees. We maintain close policy dialogue with governments, authorities, international financial institutions, and representatives of civil society, and provide targeted technical assistance using funds donated by member governments and institutions.


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