In 2014 bilateral donors and multilateral funds provided almost €340.6 million in financing for technical cooperation, grant investments, risk-sharing facilities, performance fees and concessional financing. This helped to extend the range and depth of the Bank’s investments supporting the development of market-based institutions, skills and behaviour.
In 2014 Austria and the EBRD signed a new framework agreement to consolidate nine separate bilateral funds into one fund. Austria continues to provide its longstanding support for the Bank’s activities across the region of operations and made funds amounting to €11.6 million available in 2014 for projects related to infrastructure, SME support and energy efficiency. Austria is also committed to strategic activities such as the Sustainable Resource Initiative (SRI). It was the first donor to establish a fund dedicated to the SRI, to which it contributed a further €2 million in 2014, bringing Austria’s total SRI contribution to €4 million.
| Donor | Agreement name | € |
|---|---|---|
| Austria | Sustainable Energy Financing Facility (SEFF) Market Readiness Programme Account | 3,000,000 |
| Austrian Technical Assistance Cooperation Fund | 2,000,000 | |
| Austrian Fund for Municipal Infrastructure | 2,000,000 | |
| Austria Regional Early Transition Countries (ETC) Energy Efficiency Programme Fund | 1,000,000 | |
| Austria, business advisory service technical assistance Cooperation Fund | 1,500,000 | |
| Austria Fund for the Sustainable Resource Initiative integration into sustainable energy financing facilities | 2,000,000 |
Data taken from Donor agreements and replenishments 2014.
The CEI is a regional forum that promotes cooperation among 18 countries in central and eastern Europe. The CEI Fund, which was established in 1992 and has been entirely financed by Italy (with €38.5 million by the end of 2014), supports transition countries in the process of EU integration. In 2014 the Fund committed €500,000 for three technical cooperation assignments in the infrastructure, sustainable energy and institutional development sectors (the transport sector having been the main beneficiary since the fund’s inception). In addition, by supporting the Energy Audit Programme of the Bank’s Sustainable Energy Initiative (SEI), the CEI Fund is committed to promoting best practice in energy efficiency and sustainability, particularly in the Western Balkans, and enhancing related EBRD investments. The fund’s contribution has been essential in shaping the SEI. In 2014 Italy pledged a €1 million replenishment.
The Climate Investment Funds (CIFs) are financing instruments channelled through multilateral development banks designed to pilot low-carbon and climate-resilient development. They include the Clean Technology Fund for mitigation actions in middle-income countries and the Strategic Climate Fund for building up climate resilience, investments in forestry and for renewables in low-income countries. The Bank has been involved in the development of the CIFs since 2007 and established the EBRD CIF Special Fund in 2009. The CIFs mobilise large-scale donor resources and allow the Bank to combine technical assistance, grants and concessional loans. The EBRD is currently accessing these resources for projects in Armenia, Kazakhstan, Tajikistan, Turkey and Ukraine. Projects cover a range of sustainable energy solutions such as district heating, energy efficiency, renewables, waste processing, resilience measures for large-scale hydropower plants, and funding for climate resilience through financial institutions. In 2014 the Bank deployed US$ 110 million and received US$ 84 million through the CIFs.
| Donor | Agreement name | € |
|---|---|---|
| Climate Investment Funds | Clean Technology Fund (CTF) – Ukraine district heating modernisation programme (grants) | 697,592 |
| CTF – Ukraine district heating modernisation projects (Loan) | 56,500,000 | |
| CTF – Ukraine Sustainable Energy Lending Facility (USELF) – Fee | 287,707 | |
| CTF – 2014 Core administration budget | 247,407 | |
| CTF – Kazakhstan Yermentau large wind project (grant) | 420,322 | |
| CTF – Kazakhstan Yermentau large wind project (loan) | 18,000,000 | |
| CTF – Ukraine Residential Energy Efficiency Finance Facility (UREEFF) – grant and fees | 121,294 | |
| CTF – UREEFF (loan) | 19,151,738 | |
| Strategic Climate Fund (SCF) – Enhancing the climate resilience of the energy sector in Tajikistan (loan) | 7,773,934 | |
| SCF – Small Business Climate Resilience Financing Facility in Tajikistan (loan) | 3,618,259 | |
| SCF – 2014 Core administration budget | 134,651 | |
| SCF – IP budget – Country programme for Mongolia | 25,629 |
Data taken from Donor agreements and replenishments 2014.
In 2014 the Czech Republic approved financing totalling about €1.5 million for assignments predominantly in the municipal and environmental infrastructure (MEI) sector. It continued to engage with the Western Balkans Investment Framework (WBIF), and also with the Eastern Europe Energy Efficiency and Environment Partnership (E5P) to which it became a contributor in 2013.
Denmark continues to promote agricultural sector development through its Rural Private Sector Development Programme for Ukraine, which is expected to support the strengthening of grain warehouse receipts systems and pre-harvest financing instruments in the country. It also continued to engage with the Eastern Europe Energy Efficiency and Environment Partnership (E5P), to which it became a contributor in 2013, and in 2014 joined the newly-established Ukraine Stabilisation and Sustainable Growth Multi-Donor Account, providing €600,000.
| Donor | Agreement name | € |
|---|---|---|
| Denmark | Agreement to the Ukraine Multi Donor Account (MDA) | 605,083 |
| Eastern Europe Energy Efficiency and Environment Partnership Regional Fund (E5P) | 1,276,281 |
Data taken from Donor agreements and replenishments 2014.
The Early Transition Countries (ETC) Fund has been a flagship multi-donor vehicle since its launch in 2004. It is funded by Canada, Finland, Germany, Ireland, Japan, Korea, Luxembourg, the Netherlands, Norway, Spain, Sweden, Switzerland, Taipei China and the United Kingdom. The Fund channels substantial support to the ETC region. It plays a critical role in supporting innovation in these low-income countries ‒ for example, by establishing investment councils, introducing stakeholder programmes in municipal projects, improving access to affordable basic services (such as water supply) and advancing gender equality. It also allows the Bank to take more risk ‒ for instance, by increasing direct financing for small and medium-sized enterprises and strengthening the financial sector through local currency lending. Donor support has helped to increase the percentage of EBRD transactions in the region from 8 per cent in 2002 to over 30 per cent in 2014.
The E5P Fund is a multi-donor fund managed by the EBRD to facilitate municipal investments in energy efficiency and environmental projects in order to reduce greenhouse gas emissions in the Eastern Partnership countries. The Fund has been successfully operating in Ukraine (supported by €106 million) for four years and is currently expanding to Armenia, Georgia and Moldova. A pledging conference in 2013 mobilised over €60 million for the new Eastern Partnership countries. In 2014 Georgia and Moldova signed agreements to become E5P contributor and recipient countries. The donors pledging support are the European Union (the largest contributor with €40 million), Czech Republic, Denmark, Estonia, Finland, Georgia, Germany, Iceland, Latvia, Lithuania, Moldova, Norway, Poland, Romania, Slovak Republic, Sweden, Ukraine and the United States.
The EBRD Shareholder Special Fund (SSF), established in 2008 and funded by the EBRD, provides vital grant co-financing for the Bank’s operations. Complementing the work of donors, it enhances funding in areas of strategic importance and transition challenges, notably in the early transition countries and the southern and eastern Mediterranean (SEMED) region, and in sectors such as sustainable energy, infrastructure and small business financing. The SSF enhances predictability and additionality*; its funds leverage donor co-financing and catalyse further donor contributions. It also fills financing gaps. To date the Bank has approved a total of €410 million, of which around €82 million is available to support projects in 2015.
(*Additionality in this context means complementing, rather than displacing, private sector finance).
The EBRD Water Fund, which follows the guidance of the United Nations Economic Commission for Europe/World Health Organization (WHO) Protocol on Water and Health, is a multi-donor fund focusing on water safety, access and supply projects in ODA (official development assistance) countries. With the support of Finland, Korea, Norway and Sweden, the Fund was established in 2010, initially targeting Central Asia. It has approved 14 projects totalling €5.8 million, including €2 million in 2013 for five municipal water schemes in the early transition countries. With the Fund’s support, the Bank is incorporating the WHO’s Water Safety Plans, a public health benchmark for safe water, into its priority investment programme in 20 cities in Tajikistan.
Estonia continued to support the the Eastern Europe Energy Efficiency and Environment Partnership (E5P) Fund with additional finance focusing on Armenia, Georgia and Moldova.
The European Union (EU) is the EBRD’s largest single donor, having contributed 33 per cent of donor funding over the last five years in support of Bank activities across all countries where we work. In 2014 it made available €105 million – about a third of the total EBRD donor funding last year. Funding channels include the Instrument for Pre-Accession Assistance (IPA) for Turkey and the Western Balkans, the European Neighbourhood Instrument for countries on the eastern and southern edge of Europe and the Development Cooperation Instrument financing EBRD projects in Central Asia. EBRD projects in EU member states have also benefited from funding through the Structural and Cohesion Funds. In addition to accessing EU funding on a bilateral basis, the EBRD is an active participant in the regional blending facilities, which combine grants with investments from European financial institutions. These facilities include:
The Neighbourhood Investment Facility (NIF) is currently the largest blending facility for the EBRD, covering Eastern Partnership countries and the southern and eastern Mediterranean (SEMED) region. The NIF provides grant resources for projects in the transport, energy, financial, social and environmental sectors.
Since the establishment of the Facility in 2008, the EU has made €1.15 billion available from their budget, with member states contributing an additional €81 million. So far over €750 million of NIF funding has been allocated to 82 projects, helping mobilise investments of over €20 billion. The EBRD and the NIF have signed €278 million for 32 projects, complementing approximately €7 billion of EBRD resources. The EBRD has been strongly supported in areas such as energy efficiency, transport, and SME development.
The Bank has received €37 million to support its expansion into the SEMED countries, with an additional €20 million approved to continue its Small Business Support activities across the region. The NIF has also approved €30 million for the expansion of the E5P Fund into Armenia, Georgia and Moldova.
The Investment Facility for Central Asia (IFCA) is key for EBRD activities in Central Asia. It covers Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan, and is aimed at promoting investments in the energy, small and medium-sized enterprise (SME), and social sectors. Since 2010 the IFCA and EBRD have had a strong partnership, signing 13 agreements totalling €68 million. These grants are being used to support EBRD investments across the region, mostly in the municipal infrastructure, SME and energy efficiency sectors.
Established in 2009, the Western Balkans Investment Framework (WBIF) provides technical assistance, grant co-financing and other grant-funded instruments to support sustainable growth in the region. It pools resources from the EU, partner financial institutions including the EBRD, and 19 bilateral donors for investments in the transport, energy, environment and social sectors, and in private-sector development.
Since its inception 190 grants amounting to approximately €315 million have been approved. The Bank has received about 30 per cent of the overall portfolio for 49 assignments and two regional initiatives: the Regional Energy Efficiency Programme and the Enterprise Development and Innovation Facility. In 2014 six grants worth €11.3 million were awarded for projects in the energy and transport sectors, including for gas infrastructure, railway and motorway developments in Albania, FYR Macedonia, Kosovo and Montenegro. Under the New Instrument for Pre-Accession Assistance II – 2014–20, the emphasis is on devolving decision-making on national priorities to the beneficiary countries, establishing project pipelines at national level and focusing on regional projects which promote connectivity, particularly in transport and energy. Regional integration and beneficiary ownership are the guiding principles of the WBIF; 88 per cent of funds have been spent on technical cooperation support for investments with a regional impact.
| Donor | Agreement name | € |
|---|---|---|
| EU Investment Facility for Central Asia (IFCA) | Tokmok water project | 2,268,400 |
| Enterprise Growth Programme and Business Advisory Services in Turkmenistan | 2,650,000 | |
| Turkmenistan project identification study | 1,091,400 | |
| Bishkek solid waste project in Kyrgyz Republic | 4,420,000 | |
| Framework for technical assistance Kazakhstan | 50,000 | |
| EU National Programme | EBRD Small Business Support programme in Albania | 2,000,000 |
| Support to SME competitiveness in Bosnia and Herzegovina | 2,000,000 | |
| Enhanced competitiveness of Tajik agribusiness programme | 10,000,000 | |
| Sustainable energy activities in Turkey | 24,352,772 | |
| EU Neighbourhood Investment Facility (NIF) | Implementation of Yerevan metro project (Phase II) | 5,199,700 |
| Deep and Comprehensive Free Trade Area – SME Direct Support Facility | 10,220,000 | |
| Chisinau water development programme | 13,785,000 | |
| Moldovan railways restructuring project | 5,200,000 | |
| Moldova roads rehabilitation IV | 15,300,000 | |
| Implementation of the Moldelectrica power transmission network rehabilitation project in Moldova | 6,200,000 |
Data taken from Donor agreements and replenishments 2014.
Finland mainly participates in multi-donor funds, including the Northern Dimension Environmental Partnership (NDEP) Fund, Eastern Europe Energy Efficiency and Environment Partnership (E5P) Fund, EBRD Water Fund and European Western Balkans Joint Fund. In 2014 Finland contributed €500,000 to the newly established Ukraine Stabilisation and Sustainable Growth Multi-Donor Account. It also replenished the Early Transition Countries Fund with €500,000 and the Southern and Eastern Mediterranean Multi-Donor Account with €1.2 million. Bilaterally, Finland contributed €850,000 in support of district heating projects, energy efficiency policy and capacity-building in Kazakhstan.
| Donor | Agreement name | € |
|---|---|---|
| Finland | Biofuel development opportunities in Eastern Russia (Part II) | 200,000 |
| Southern and Eastern Mediterranean Multi-Donor Account (MDA) | 1,200,000 | |
| Finnish Ministry of Employment and Economy Technical Cooperation Fund | 650,000 | |
| ETC Fund | 500,000 | |
| Ukraine MDA | 500,000 |
Data taken from Donor agreements and replenishments 2014.
France provides flexible funding for EBRD operations across a wide range of sectors. In 2014 it financed an extension of the Implementation and Supervision Consultant project in FYR Macedonia which supports a programme of rail track renewal along three sections of Corridor X. France has also joined the new Ukraine Stabilisation and Sustainable Growth Multi-Donor Account (MDA), contributing €1 million, and participates in the Southern and Eastern Mediterranean Multi-Donor Account.
| Donor | Agreement name | € |
|---|---|---|
| France | Ukraine MDA | 1,000,000 |
Data taken from Donor agreements and replenishments 2014.
Germany provides grants to the EBRD through a number of bilateral and multi-donor instruments and further broadened its support in 2014. It joined the new Ukraine Stabilisation and Sustainable Growth Multi-Donor Account, contributing €1 million, and the Eastern Europe Energy Efficiency and Environment Partnership (E5P) Fund, providing €14 million (€11 million for Ukraine and €3 million for Armenia, Georgia and Moldova). Germany also increased its contributions to the European Western Balkans Joint Fund by €1 million and the Early Transition Countries Fund by €500,000. Furthermore, it replenished a bilateral account of the Federal Ministry for Economic Affairs and Energy with €558,000 and, through the German development bank KfW, contributed €200,000 towards a project to enhance capital markets in the Kyrgyz Republic. In addition, Germany participates in the NDEP Support Fund and Southern and Eastern Mediterranean Multi-Donor Account. It also supports technical cooperation projects in the energy efficiency and municipal sectors in Russia and Ukraine through bilateral accounts of the Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety.
| Donor | Agreement name | € |
|---|---|---|
| Germany | Eastern Europe Energy Efficiency and Environment Partnership Regional Fund (E5P) | 14,000,000 |
| European Western Balkans Joint Fund (EWBJF) | 1,000,000 | |
| Germany-KfW – Capital markets in the Kyrgyz Republic | 150,000 | |
| Ukraine MDA | 1,000,000 | |
| ETC Fund | 500,000 |
Data taken from Donor agreements and replenishments 2014.
The Global Environment Facility (GEF) was established in 1991 to promote environmental and sustainable development and to cover the incremental costs associated with introducing global environmental benefits to local and regional projects. The GEF provides grants for projects in the following areas: biodiversity, climate change mitigation and adaptation, international waters, land degradation, the ozone layer and persistent organic pollutants. The EBRD, as one of the GEF implementing agencies, has been receiving funding for technical cooperation and grant co-financing activities as well as for non-grant instruments for over 10 years. In 2014 the EBRD established a special fund for the GEF to deploy a wider range of financial instruments, including non-grant and concessional products. During the year the Bank programmed just over US$ 21 million and received US$ 3 million from the GEF.
| Donor | Agreement name | € |
|---|---|---|
| Global Environment Facility (GEF) | Bizerte Lake environment project – lagoon and marine cleanup (Project and Fees) | 1,802,247 |
| Special Climate Change Fund (SCCF)/GFSC – Climate resilience Morocco (grant and fees) | 172,177 | |
| SCCF – Enhancing the climate resilience of the Moroccan ports sector | 161,901 | |
| SCGI – Finance and Technology Transfer Centre for Climate Change – fees | 182,868 | |
| SCGI – Global Energy Efficiency Facility – projects and fees | 1,605,748 | |
| SCGI – Finance and Technology Transfer Centre for Climate Change (FINTECC) – project and Fees | 172,177 | |
| SCGI – Framework SEMED – Private sector sustainable energy projects | 11,839,457 |
Data taken from Donor agreements and replenishments 2014.
Italy’s longstanding assistance to the EBRD continued in 2014, particularly focusing on private-sector development in the Western Balkans. Its contribution has underpinned the growth of the EBRD Local Enterprise Facility (LEF) in the Balkans, southern and eastern Mediterranean (SEMED) region and Turkey. Through its support to the LEF, Italy is also participating in financing investments under the Enterprise Expansion Fund (ENEF) component of the Western Balkans Enterprise Development and Innovation Facility. Italy has also contributed to several multi-donor funds, including the European Western Balkans Joint Fund, to which it provided a €2.3 million replenishment in 2014. Italy is the only donor to the Central European Initiative (CEI) Fund, to which it contributed €1 million in 2014 making its total contribution to the Fund €38.5 million. In support of the EBRD’s Strategic Gender Initiative, Italy has provided €400,000 for SME advisory services in Albania under a Woman in Business programme in the Western Balkans.
| Donor | Agreement name | € |
|---|---|---|
| Italy | European Western Balkans Joint Fund (EWBJF) | 2,316,193 |
| Central European Initiative (CEI) Fund | 1,000,000 | |
| EBRD Western Balkans Women in Business Programme in Albania TC Account | 400,000 |
Data taken from Donor agreements and replenishments 2014.
Japan remains a strong supporter of EBRD technical cooperation (TC) activities, supporting a wide range of projects such as advisory services, SME development and the Bank’s Sustainable Energy Initiative, as well as providing local utility services. In 2014 Japan joined the Ukraine Stabilisation and Sustainable Growth Multi-Donor Account, contributing €500,000 towards the Banks efforts to support Ukraine. In addition, the country is financing a risk awareness-raising TC project in Ukraine against African swine fever, which threatens to spread and could have a severe socio-economic impact. Japan is also financing a feasibility study on the expansion of wastewater treatment in Ulaanbaatar, Mongolia.
| Donor | Agreement name | € |
|---|---|---|
| Japan | Japan-EBRD Cooperation Fund | 942,260 |
Data taken from Donor agreements and replenishments 2014.
In 2013 the Kazakh government signed a €6 million agreement for technical cooperation funding, principally supporting policy dialogue objectives in Kazakhstan with a focus on infrastructure regulation and tariff policy development, green economy, energy efficiency and agriculture-related projects. The fund has a co-financing arrangement with the EBRD Shareholder Special Fund.
| Donor | Agreement name | € |
|---|---|---|
| Kazakhstan | BG Kazakhstan – BAS Technical Cooperation Account | 210,000 |
Data taken from Donor agreements and replenishments 2014.
Korea continues to support EBRD activities through its bilateral fund and multi-donor channels such as the EBRD Water Fund and Early Transition Countries (ETC) Fund. Strategically, it is closely engaged with the development of small and medium-sized enterprises (SMEs), municipal projects and climate change and environmental initiatives. Korea made additional replenishments in 2014 to its bilateral fund (€2.4 million) and to the ETC Fund (€800,000). In 2015 it will act as the Chair of the ETC Fund Assembly of Contributors.
| Donor | Agreement name | € |
|---|---|---|
| Korea | Korean Technical Assistance and Cooperation Fund | 2,431,145 |
| ETC Fund | 782,480 |
Data taken from Donor agreements and replenishments 2014.
Lithuania continued to support the Eastern Europe Energy Efficiency and Environment Partnership (E5P) Fund with additional resources focusing on Armenia, Georgia and Moldova.
| Donor | Agreement name | € |
|---|---|---|
| Lithuania | Eastern Europe Energy Efficiency and Environment Partnership Regional Fund (E5P) | 105,360 |
Data taken from Donor agreements and replenishments 2014.
Luxembourg is a strong supporter of legal transition and policy dialogue programmes. More generally, it contributes to financial sector development, EBRD Small Business Support projects, gender equality, social inclusion, agribusiness and energy and environmental sustainability. In 2014 it replenished its bilateral fund by €1.5 million and continued to support the ETC Fund with an additional €200,000. Luxembourg also provided over €2 million for legal transition and €1.5 million for Women in Business programmes over three years in the Western Balkans.
| Donor | Agreement name | € |
|---|---|---|
| Luxembourg | ETC Fund | 200,000 |
| Luxembourg – ODA Technical Cooperation Fund | 1,500,000 |
Data taken from Donor agreements and replenishments 2014.
The Middle East and North Africa (MENA) Transition Fund, set up under the Deauville Partnership, is a broad-based partnership providing technical cooperation grants. These grants help transition economies in the MENA region strengthen their governance as well as social and economic institutions by developing and implementing reforms over which countries can retain control. In 2014 the Fund approved US$ 3.85 million for an EBRD-led assignment that will help the Egyptian Central Bank develop a modern clearing and settlement depositary for government securities. The Fund also supports a water project in Jordan and a micro, small and medium-sized enterprise programme in Egypt.
| Donor | Agreement name | € |
|---|---|---|
| MENA Transition Fund | Clearing and settlement depositary system for government securities | 2,847,880 |
Data taken from Donor agreements and replenishments 2014.
In 2014 the Netherlands was the first donor to commit financially to the new Ukraine Stabilisation and Sustainable Growth Multi-Donor Account (MDA), providing over €2 million. It is also a contributor to the Early Transition Countries Fund and Southern and Eastern Mediterranean MDA. Its contribution to the Trade Facilitation Programme window of the Financial Intermediary Investment Special Fund has been terminated.
The Northern Dimension Environmental Partnership (NDEP) Support Fund was established in 2002 to pool grant contributions for the improvement of the environment in the Northern Dimension Area, in particular in Belarus and north-west Russia. Contributors to the fund are the European Union and 12 countries: Belarus, Belgium, Canada, Denmark, Finland, France, Germany, the Netherlands, Norway, Russia, Sweden and the United Kingdom. The Fund is managed by the EBRD and stands at over €347.2 million, with the EU and Russia being the largest contributors. Activities in Russia are split between nuclear safety and environmental projects.
Norway is a strong supporter of many of the Bank’s multi-donor funds, including the EBRD Water Fund, Early Transition Countries Fund, European Western Balkans Joint Fund, Eastern Europe Energy Efficiency and Environment Partnership Fund, Northern Dimension Environmental Partnership Support Fund and Southern and Eastern Mediterranean Multi-Donor Account. Bilaterally, Norway has continued to back energy, environment and financial sector projects in the Western Balkans, allocating approximately €500,000 to new assignments in 2014.
The EBRD manages six donor funds providing support to reduce nuclear legacy risks. Over 40 donors have pledged a total of more than €4 billion to these funds, with €2.16 billion provided by the EU alone. A key task is the decommissioning of Soviet-era nuclear facilities and equipment. One of them is the Chernobyl Shelter Fund, to help Ukraine make the site of the current shelter over Chernobyl’s destroyed reactor stable and environmentally safe. These funds also help to decommission old nuclear facilities in Bulgaria, Lithuania and the Slovak Republic.
Poland became a donor to the EBRD in 2005, providing support for technical cooperation in the Western Balkans. It participates in the Eastern Europe Energy Efficiency and Environment Partnership (E5P) Fund.
Portugal continues to support municipal infrastructure and transport projects across countries where the EBRD works, the most recent being the Belgrade Bus Renewal programme in Serbia. In addition, Portugal welcomes the Bank’s work in the southern and eastern Mediterranean (SEMED) region.
The Post-Graduation Special Fund supports business development and capacity-enhancement activities for consultancies. The resources of the fund are accessible by EU-8 countries (the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, the Slovak Republic and Slovenia) that have either graduated from the EBRD as a country of operation (the Czech Republic) or have formally declared their intention to graduate within a defined period of time (currently Estonia). The fund was established in 2014 with an allocation of €10 million from the Bank’s net income. The support will be part of an action plan agreed between the Bank and the respective country, financed for a period ending five years after that country’s graduation (or five years from the date that the fund became operative in the case of the Czech Republic).
In 2013 the Russian government established its first bilateral technical cooperation fund, worth €40 million and covering a five-year programme, in support of the Bank’s core operations in the country. Almost 50 per cent of the funding is earmarked for the development of projects in transport and infrastructure, with the rest split between energy efficiency, agribusiness and small and medium-sized enterprises (SMEs). At the beginning of 2014 the Small Business Support programme benefited from Russian funding.
The Southern and Eastern Mediterranean Multi-Donor Fund (SEMED MDA) was set up in 2012 to support EBRD engagement in Egypt, Jordan, Morocco and Tunisia. The Account finances activities across all priority sectors identified by the Bank in the region. Its contributors are Australia, Finland, France, Germany, Italy, the Netherlands, Norway, Sweden, Taipei China and the United Kingdom. The MDA played a key role in initial operations in the SEMED countries and has retained its position as the “fund of first resort” for technical cooperation activities. The contributors have to date transferred over €24 million to the Account, helping to finance nearly 60 assignments ranging from sector assessments to advisory support to micro, small and medium-sized enterprises (MSMEs) to investment preparation and implementation assistance.
In 2011 EBRD shareholders allocated €20 million from the Bank’s net income to enable a quick start for operations in the southern and eastern Mediterranean (SEMED) countries. Alongside donor funding, these resources provide vital support for technical cooperation activities in the region. Nearly 40 assignments totalling €14.1 million have been funded by the account.
In 2014 the Slovak Republic replenished its bilateral fund with €2 million to support transport, municipal and environmental infrastructure, energy efficiency and public procurement projects in those EBRD countries which are classified as recipients of official development assistance (ODA). Geographically, the Western Balkans remains a priority, both bilaterally and in the context of the WBIF. Also in 2014, the Slovak Republic joined the Eastern Europe Energy Efficiency and Environment Partnership Regional Fund. For the Slovak Republic it is particularly important to develop the potential for energy efficiency in the region, which will contribute to energy security and economic competitiveness.
| Donor | Agreement name | € |
|---|---|---|
| Slovak Republic | Eastern Europe Energy Efficiency and Environment Partnership Regional Fund (E5P) | 50,000 |
| Slovak TC Fund | 2,000,000 |
Data taken from Donor agreements and replenishments 2014.
Spain continues to support EBRD activities and initiatives and welcomes the Bank’s work in the southern and eastern Mediterranean region. In 2014 Spain concentrated its financing efforts on projects in the municipal and environmental infrastructure and energy efficiency sectors, in Kazakhstan and Turkey, for technical cooperation assignments.
The Special Climate Change Fund is a trust fund for investments in climate change adaptation and resilience, covering water efficiency, water management audits, climate-smart agriculture and weather-based insurance. It is mandated by the United Nations Framework Convention on Climate Change and managed within the Global Environment Facility. The EBRD is an implementing agency of the Fund and has received grant resources totalling €8.3 million for water efficiency projects in the Kyrgyz Republic and Tajikistan, for climate resilience of ports in Morocco and for the support of new adaptation technologies under the Finance and Technology Transfer Centre for Climate Change programme. These funds help to increase the Bank’s operations in climate change adaptation, which have included 74 investments worth €425 million since 2011.
Sweden remains one of the largest bilateral donors. Its key priorities are the development of municipal and environmental infrastructure, especially wastewater treatment, solid waste management, energy efficiency and district heating. It champions reduced carbon emissions, sustainable use of natural resources, institutional reforms, sustainability of services, and transition and social inclusion. Regionally, its bilateral funding focuses on Belarus, Georgia, Moldova, and Ukraine as well as the Western Balkans. It also remains an important supporter of multi-donor funds such as the Eastern Europe Energy Efficiency and Environment Partnership (E5P) Fund, Early Transition Countries Fund, Northern Dimension Environmental Partnership Support Fund, Southern and Eastern Mediterranean Multi-Donor Account and, most recently, the Ukraine Stabilisation and Sustainable Growth Multi-Donor Account. In 2014 Sweden provided a total of €38 million to a mix of multilateral and bilateral funds, for technical assistance and investment grants. It also contributed €8.7 million to Women in Business programmes in its priority countries. Sweden remains one of the main backers of the E5P Fund.
| Donor | Agreement name | € |
|---|---|---|
| Sweden | SIDA-EBRD Municipal Environment and Climate Programme Account II | 10,000,000 |
| SIDA-EBRD Municipal Environment and Climate Programme Fund | 2,477,905 | |
| SIDA-EBRD Ukraine Energy Efficiency and Environment Consultant Cooperation Fund | 4,300,000 | |
| EBRD – SIDA Women in Business account | 3,630,000 | |
| SEMED MDA | 915,382 | |
| Women in Business programme in the Eastern Partnership countries | 5,086,525 | |
| Eastern Europe Energy Efficiency and Environment Partnership Regional Fund (E5P) | 7,900,999 | |
| ETC Fund | 433,404 | |
| Ukraine MDA | 2,455,880 |
Data taken from Donor agreements and replenishments 2014.
The Swiss State Secretariat for Economic Affairs (SECO) is one of the EBRD’s major donors. Joint cooperation between SECO and the EBRD has included the provision of technical cooperation (TC) funding, investment grant co-financing and risk-sharing and guarantees, as well as involvement in EBRD-administered nuclear safety programmes. The collaboration between SECO and the EBRD is supported by a memorandum of understanding, which was strengthened in 2014. SECO’s sectoral priorities include infrastructure, enterprise and financial sector development, climate change mitigation through energy efficiency and renewable energy initiatives, and sustainable use of natural resources. Priority regions for Swiss financial assistance include the early transition countries, North Africa and the Western Balkans. In 2014 SECO also signed new agreements for a total amount of €15 million for TC and investment grants to continue upgrading water services in northern and central Tajikistan and for water and wastewater services in the Kyrgyz capital, Bishkek. In addition, SECO provided €1 million in support of the Ukraine Stabilisation and Sustainable Growth Multi-Donor Account.
| Donor | Agreement name | € |
|---|---|---|
| Switzerland | Ukraine MDA | 727,104 |
| EBRD-SECO Bishkek water and wastewater rehabilitation project II | 7,670,000 | |
| EBRD-SECO Tajik water phase II technical cooperation account | 7,207,784 |
Data taken from Donor agreements and replenishments 2014.
Taipei China is a longstanding EBRD donor, providing technical cooperation (TC) funding and investment co-financing resources. In 2014 it replenished the TaiwanBusiness-EBRD Technical Cooperation Fund with US$ 1.75 million and the Early Transition Countries Fund (to which it was a founding contributor) with US$ 250,000. Also in 2014, it became a member of the Southern and Eastern Mediterranean Multi-Donor Account, contributing US$ 671,500 for TC activities in the region. Taipei China is supporting projects in sustainable resource management, intelligent transportation systems, information technology-related knowledge economy and the corporate sector through funding for the Small Business Support and Women in Business programmes. TaiwanICDF (International Cooperation and Development Fund) is cooperating with the Bank in green energy investments and lending to micro, small and medium-sized enterprises (MSMEs) through investment co-financing and concessional financing.
| Donor | Agreement name | € |
|---|---|---|
| Taipei China | ETC Fund | 183,889 |
| TaiwanBusiness-EBRD technical cooperation | 1,293,852 | |
| SEMED MDA | 500,000 |
Data taken from Donor agreements and replenishments 2014.
Turkey contributes to the Women in Business programme which was launched in the country in 2014. Co-financed by the European Union, the programme supports MSMEs owned and managed by women through improved access to finance and advisory services. The EU has committed €32.3 million and Turkey is contributing a further €5.7 million.
This MDA was established by the EBRD in 2014 in support of Ukraine’s efforts to reform its economy, improve its business climate and restore sustainable growth. The MDA enables the Bank to provide support for policy reforms that are urgently needed to stabilise the economy, and paves the way for a planned increase in EBRD investments in the country. Grants totalling €10.4 million were made available in 2014 by Denmark, Finland, France, Germany, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom and the United States.
The United Kingdom remains closely engaged with the Bank’s activities, especially as one of the donors to the SEMED and Ukraine MDAs. It was among the very first donors to contribute to the Ukraine MDA, demonstrating its support for that country’s anti-corruption reform agenda. It has also provided valuable backing to the Bank’s work in the early transition countries, including the Kyrgyz Republic and Tajikistan, and supported climate change mitigation and adaptation activities through the Sustainable Energy Initiative.
| Donor | Agreement name | € |
|---|---|---|
| United Kingdom | Ukraine MDA | 627,130 |
Data taken from Donor agreements and replenishments 2014.
The United States is one of the major technical cooperation and investment contributors to the EBRD’s work. Key areas of developmental support are small and medium-sized enterprises (SMEs) and the financial sector. A variety of projects has been implemented with support from the US Department of State, US Department of the Treasury and US Agency for International Development. In 2014 the United States provided US$ 3.5 million for the Small Business Support programme in Central Asia and for the launch of a similar programme in Ukraine to help SMEs compete on domestic and international markets. It also provided US$ 2 million to support risk-sharing mechanisms for local currency lending in Ukraine and contributed US$ 680,000 to the Ukraine MDA. An additional US$ 1.5 million to the Eastern Europe Energy Efficiency and Environment Partnership Fund brought the total US contribution to the Fund to US$ 6 million.
| Donor | Agreement name | € |
|---|---|---|
| United States | EBRD SME Special Fund | 4,484,487 |
| Ukraine MDA | 542,633 | |
| Eastern Europe Energy Efficiency and Environment Partnership Regional Fund (E5P) | 1,134,644 |
Data taken from Donor agreements and replenishments 2014.
| Donor | Agreement name | € |
|---|---|---|
| Austria | Sustainable Energy Financing Facility (SEFF) Market Readiness Programme Account | 3,000,000 |
| Austrian Technical Assistance Cooperation Fund | 2,000,000 | |
| Austrian Fund for Municipal Infrastructure | 2,000,000 | |
| Austria Regional Early Transition Countries (ETC) Energy Efficiency Programme Fund | 1,000,000 | |
| Austria, business advisory service technical assistance Cooperation Fund | 1,500,000 | |
| Austria Fund for the Sustainable Resource Initiative integration into sustainable energy financing facilities | 2,000,000 | |
| Climate Investment Funds | Clean Technology Fund (CTF) – Ukraine district heating modernisation programme (grants) | 697,592 |
| CTF – Ukraine district heating modernisation projects (Loan) | 56,500,000 | |
| CTF – Ukraine Sustainable Energy Lending Facility (USELF) – Fee | 287,707 | |
| CTF – 2014 core administration budget | 247,407 | |
| CTF – Kazakhstan Yermentau large wind project (grant) | 420,322 | |
| CTF – Kazakhstan Yermentau large wind project (loan) | 18,000,000 | |
| CTF – Ukraine Residential Energy Efficiency Finance Facility (UREEFF) – grant and fees | 121,294 | |
| CTF – UREEFF (loan) | 19,151,738 | |
| Strategic Climate Fund (SCF) – Enhancing the climate resilience of the energy sector in Tajikistan (loan) | 7,773,934 | |
| SCF – Small Business Climate Resilience Financing Facility in Tajikistan (loan) | 3,618,259 | |
| SCF – 2014 core administration budget | 134,651 | |
| SCF – IP budget – Country programme for Mongolia | 25,629 | |
| Denmark | Agreement to the Ukraine Multi Donor Account (MDA) | 605,083 |
| Eastern Europe Energy Efficiency and Environment Partnership Regional Fund (E5P) | 1,276,281 | |
| EU Investment Facility for Central Asia (IFCA) | Tokmok water project | 2,268,400 |
| Enterprise Growth Programme and Business Advisory Services in Turkmenistan | 2,650,000 | |
| Turkmenistan project identification study | 1,091,400 | |
| Bishkek solid waste project in Kyrgyz Republic | 4,420,000 | |
| Framework for technical assistance Kazakhstan | 50,000 | |
| EU National Programme | EBRD Small Business Support programme in Albania | 2,000,000 |
| Support to SME competitiveness in Bosnia and Herzegovina | 2,000,000 | |
| Enhanced competitiveness of Tajik agribusiness programme | 10,000,000 | |
| Sustainable energy activities in Turkey | 24,352,772 | |
| EU Neighbourhood Investment Facility (NIF) | Implementation of Yerevan metro project (Phase II) | 5,199,700 |
| Deep and Comprehensive Free Trade Area – SME Direct Support Facility | 10,220,000 | |
| Chisinau water development programme | 13,785,000 | |
| Moldovan railways restructuring project | 5,200,000 | |
| Moldova roads rehabilitation IV | 15,300,000 | |
| Implementation of the Moldelectrica power transmission network rehabilitation project in Moldova | 6,200,000 | |
| European Investment Bank (EIB) | European Western Balkans Joint Fund (EWBJF) | 533,882 |
| Finland | Biofuel development opportunities in Eastern Russia (Part II) | 200,000 |
| Southern and Eastern Mediterranean Multi-Donor Account (MDA) | 1,200,000 | |
| Finnish Ministry of Employment and Economy Technical Cooperation Fund | 650,000 | |
| ETC Fund | 500,000 | |
| Ukraine MDA | 500,000 | |
| France | Ukraine MDA | 1,000,000 |
| Global Environment Facility (GEF) | Bizerte Lake environment project – lagoon and marine cleanup (project and fees) | 1,802,247 |
| Special Climate Change Fund (SCCF)/GFSC – Climate resilience Morocco (grant and fees) | 172,177 | |
| SCCF – Enhancing the climate resilience of the Moroccan ports sector | 161,901 | |
| SCGI – Finance and Technology Transfer Centre for Climate Change – fees | 182,868 | |
| SCGI – Global Energy Efficiency Facility – projects and fees | 1,605,748 | |
| SCGI – Finance and Technology Transfer Centre for Climate Change (FINTECC) – project and Fees | 172,177 | |
| SCGI – Framework SEMED – Private sector sustainable energy projects | 11,839,457 | |
| Georgia | Eastern Europe Energy Efficiency and Environment Partnership Regional Fund (E5P) | 1,000,000 |
| Germany | Eastern Europe Energy Efficiency and Environment Partnership Regional Fund (E5P) | 14,000,000 |
| European Western Balkans Joint Fund (EWBJF) | 1,000,000 | |
| Germany-KfW – Capital markets in the Kyrgyz Republic | 150,000 | |
| Ukraine MDA | 1,000,000 | |
| ETC Fund | 500,000 | |
| Italy | European Western Balkans Joint Fund (EWBJF) | 2,316,193 |
| Central European Initiative (CEI) Fund | 1,000,000 | |
| EBRD Western Balkans Women in Business Programme in Albania TC Account | 400,000 | |
| Japan | Japan-EBRD Cooperation Fund | 942,260 |
| Korea | Korean Technical Assistance and Cooperation Fund | 2,431,145 |
| ETC Fund | 782,480 | |
| Kazakhstan | BG Kazakhstan – BAS Technical Cooperation Account | 210,000 |
| Latvia | Eastern Europe Energy Efficiency and Environment Partnership Regional Fund (E5P) | 35,000 |
| Lithuania | Eastern Europe Energy Efficiency and Environment Partnership Regional Fund (E5P) | 105,360 |
| Luxembourg | ETC Fund | 200,000 |
| Luxembourg – ODA Technical Cooperation Fund | 1,500,000 | |
| MENA Transition Fund | Clearing and settlement depositary system for government securities | 2,847,880 |
| Moldova | Eastern Europe Energy Efficiency and Environment Partnership Regional Fund (E5P) | 1,000,000 |
| Slovak Republic | Eastern Europe Energy Efficiency and Environment Partnership Regional Fund (E5P) | 50,000 |
| Slovak TC Fund | 2,000,000 | |
| Sweden | SIDA-EBRD Municipal Environment and Climate Programme Account II | 10,000,000 |
| SIDA-EBRD Municipal Environment and Climate Programme Fund | 2,477,905 | |
| SIDA-EBRD Ukraine Energy Efficiency and Environment Consultant Cooperation Fund | 4,300,000 | |
| EBRD – SIDA Women in Business account | 3,630,000 | |
| SEMED MDA | 915,382 | |
| Women in Business programme in the Eastern Partnership countries | 5,086,525 | |
| Eastern Europe Energy Efficiency and Environment Partnership Regional Fund (E5P) | 7,900,999 | |
| ETC Fund | 433,404 | |
| Ukraine MDA | 2,455,880 | |
| Switzerland | Ukraine MDA | 727,104 |
| EBRD-SECO Bishkek water and wastewater rehabilitation project II | 7,670,000 | |
| EBRD-SECO Tajik water phase II technical cooperation account | 7,207,784 | |
| Taipei China | ETC Fund | 183,889 |
| TaiwanBusiness-EBRD technical cooperation | 1,293,852 | |
| SEMED MDA | 500,000 | |
| United Kingdom | Ukraine MDA | 627,130 |
| United States | EBRD SME Special Fund | 4,484,487 |
| Ukraine MDA | 542,633 | |
| Eastern Europe Energy Efficiency and Environment Partnership Regional Fund (E5P) | 1,134,644 | |
| Total: | 340,659,562 |
Donor-Agreements-and-Replenishments-in-2014
* The table reflects the net inflows to the Bank and excludes transfers between donor funds or from bilateral to multi-donor funds such as to the Ukraine Stabilisation and Sustainable Growth Multi-Donor Account (MDA).