ESTABLISHMENT AND FUNCTIONS

The Agreement establishing the European Bank for Reconstruction and Development (EBRD) was signed in Paris on May 29, 1990. The Agreement entered into force on March 28, 1991. The Inaugural Meeting of the Board of Governors was held in London from April 15 to 17, 1991 in accordance with Article 63 of the Agreement. The Board of Governors adopted a Resolution authorizing the Bank to commence operations on April 15, 1991.

The purpose of the Bank, as stated in the Agreement, is to foster the transition towards open market-oriented economies and to promote private and entrepreneurial initiative in the Central and Eastern European countries committed to and applying the principles of multiparty democracy, pluralism and market economics.

In fulfilling its purpose, the Bank performs a wide range of functions designed to assist structural and sectoral economic reforms, including demonopolization, decentralization and privatization, in order to help economies become fully integrated into the international financial system.

The authorized capital stock of the Bank is twenty thousand million (20,000,000,000) EURO.

Membership in the Bank is open to European countries, to non-European countries which are members of the International Monetary Fund (IMF), and to the European Community (EC) and the European Investment Bank (EIB).

COMPOSITION

62 members: Albania, Armenia, Australia, Austria, Azerbaijan, Belarus, Belgium, Bosnia and Herzegovina, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Egypt, Estonia, European Community (EC), European Investment Bank (EIB), Finland, France, Georgia, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Japan, Kazakhstan, Republic of Korea, Kyrgyz Republic, Latvia, Liechtenstein, Lithuania, Luxembourg, former Yugoslav Republic of Macedonia, Malta, Mexico, Moldova, Mongolia, Morocco, Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Russian Federation, Serbia and Montenegro, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Tajikistan, Turkey, Turkmenistan, Ukraine, United Kingdom, United States of America, Uzbekistan.

STRUCTURE

Each member is represented on the Board of Governors by a Governor and an Alternate Governor. The current officers of the Board are:

          Chairman:                       ...   Gordon BROWN (United Kingdom)
          Vice-Chairmen:                  ...   Karl-Heinz GRASSER (Austria)
                                          ...   German O. GREF (Russian Federation)

                                  Board of Directors
          Director and Alternate               Countries Represented

          Tadeusz SYRYJCZYK               ...   Poland, Bulgaria, Albania
            Kalin MITREV
          Scott CLARK                     ...   Canada, Morocco
            David PRUNKETT
          António DE ALMEIDA              ...   Portugal, Greece
            Stefanos VAVALIDIS
          Gonzalo RAMOS                   ...   Spain, Mexico
            Leon HERRERA
          Jos DE VRIES                    ...   Netherlands, Mongolia
            Hidde VAN DER VEER          
          Sven HEGELUND                   ...   Sweden, Iceland, Estonia
            Tomas DANESTAD          
          Torsten GERSFELT                ...   Ireland, Denmark, Lithuania, 
            Desmond O'MALLEY                    FYR Macedonia
          Igor OCKA                       ...   Hungary, Czech Republic
            Imre TARAFÁS                        Slovak Republic, Croatia
          Konstantin ANDREOPOULOS         ...   European Investment Bank
            Grammatiki TSINGOU-PAPADOPETROU
          Laurent GUYE                    ...   Switzerland, Turkey, Liechtenstein,
            Ayse DÖNMEZER                         Uzbekistan, Kyrgyz Republic,
                                                  Azerbaijan, Serbia and Montenegro, Turkmenistan
          Kaarina RAUTALA                 ...   Norway, Finland, Latvia
            Tor HERNAES
          Peter REITH                     ...   Korea, Australia, New Zealand, Egypt
            Byung-Hwa JIN
          Simon RAY                       ...   United Kingdom
            Jonathan OCKENDEN
          Jean-Pierre LANDAU              ...   France
            Marc JULLIEN
          Michael NEUMAYR                 ...   Austria, Israel, Cyprus, Malta,
            Ohad BAR-EFRAT                      Kazakhstan, Bosnia and Herzegovina
          Igor KOVTUN                     ...   Russian Federation, Belarus, Tajikistan
            Mikhail JERNOV
          Philippe PETIT-LAURENT          ...   European Community (EC)
            Vassili LELAKIS
          Yuri POLUNEEV                   ...   Ukraine, Romania, Moldova,
            Ionut COSTEA                          Georgia, Armenia
          Enzo QUATTROCIOCCHE             ...   Italy
            Francesco Saverio NISIO
          Gerd SAUPE                      ...   Germany
            Clemens KERRES
          Mark SULLIVAN                   ...   United States
            (vacant)
          Jean-Louis SIX                  ...   Belgium, Luxembourg, Slovenia
            Georges HEINEN
          Susumu FUJIMOTO                 ...   Japan
            Osamu SAKASHITA

The President is elected by a majority of the total number of Governors, representing not less than a majority of the total voting power of the members. The President serves for a four-year term and may be re-elected. Vice-Presidents are appointed by the Board of Directors on the recommendation of the President.

GENERAL PUBLICATIONS