Annexes to COM(2024)42 - Subscription by the EU to additional shares in the capital of the European Bank for Reconstruction and Development (EBRD) and amending the Agreement establishing the EBRD as regards the extension of the geographic scope of EBRD operations to sub-Saharan Africa and Iraq in a limited and incremental manner, and removing the statutory capital limitation on ordinary operations - Main contents
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This page contains a limited version of this dossier in the EU Monitor.
| dossier | COM(2024)42 - Subscription by the EU to additional shares in the capital of the European Bank for Reconstruction and Development (EBRD) and ... |
|---|---|
| document | COM(2024)42 |
| date | April 24, 2024 |
1.2. Policy area(s) concerned
Heading 6. Neighbourhood and the World
Title 14. External Action
1.3. The proposal/initiative relates to:
a new action
a new action following a pilot project/preparatory action21
the extension of an existing action
a merger or redirection of one or more actions towards another/a new action
1.4. Objective(s)
1.4.1. General objective(s)
Aid the EU’s external action through investment in its neighbourhood, in developing countries and the rest of the world, including assistance for countries preparing for accession to the EU.
1.4.2. Specific objective(s)
Enable the EBRD, through subscribing to new paid-in shares, to continue playing a critical part in the international effort working in close cooperation with the Union and other institutions to support Ukraine’s real economy in wartime and in post-war reconstruction, whilst maintaining its financial strength.
Approve that the EBRD proceeds with a limited and incremental expansion to sub-Saharan Africa and Iraq, by amending the geographical scope of EBRD operations.
In line with the G20 Capital Adequacy Framework review recommendations, pave the way for more flexible and dynamic capital management by the EBRD, by delegating to the Board of Directors all aspects of the EBRD’s capital adequacy framework, while ensuring continuous control of the main capital metric by shareholders.
1.4.3. Expected result(s) and impact
The capital increase would substantially strengthen the EBRD both through the tangible financial impact and as a confirmation of shareholders’ confidence in the EBRD’s mission and activity across all its countries of operations. The EBRD would be sufficiently strong both to undertake additional investment in Ukraine, both during wartime and in its reconstruction, and continue to fully support other countries of operations in addressing their transition challenges, as well as the regional and global implications of the war in Ukraine.
A capital increase will ensure that in the future the EBRD will be able to support both Ukraine in exceptional times and allow high and sustained support for all of its countries of operations – including other countries affected by Russia’s war – to close their transition gaps.
In doing so, the EBRD will continue to pursue its 2021-2025 current strategic and capital Framework in all its work, including in Ukraine, in line with its mandate to facilitate transition to green, inclusive, resilient, integrated, well-governed, competitive market-oriented economy- with a strong focus on the private sector development and concentrating its efforts where its operations are most additional and have highest transition impact.
1.4.4. Indicators of performance
The attainment of objectives will be measured by the volume of EBRD financing operations by regions, especially in Ukraine and other countries of operations affected by Russia’s war, by sectors and by the volume of EBRD financing operations co-financed with other IFIs and/or Commission programmes, as well as by other indicators set out in the EBRD impact framework.
1.5. Grounds for the proposal/initiative
1.5.1. Requirement(s) to be met in the short or long term including a detailed timeline for roll-out of the implementation of the initiative
On 15 December 2023, the Board of Governors of the EBRD adopted their Resolution No. 265, which authorises the EBRD to increase its number of shares by 400 000 new shares priced at EUR 10 000 each, totalling EUR 4 billion, with an effective date of 31 December 2024. The Union’s participation in the capital increase will ensure that the Union maintains its 3% direct share of the total subscribed capital of the EBRD. The European Investment Bank (EIB) (3.%) and the Member States individually (EU27, ca. 48.4%) are also shareholders in the EBRD, which currently give the Union a combined majority shareholding of 54.4%.
Pursuant to the above-mentioned Resolution, EBRD members can subscribe, on or before 30 June 2025, or such subsequent date not later than 31 December 2025 as the Board of Directors may determine on or before 30 June 2025, to a number of whole shares, pro rata to their existing shareholding. Accordingly, the Union will be allowed to subscribe to 12 102 new shares, each having a par value of EUR 10 000 for a total of EUR 121 020 000 increasing the number of paid-in shares of the Union to 102 146.The first instalment shall be paid by each member by the later of (i) 30 April 2025; or (ii) 60 days after its instrument of subscription has become effective. The remaining four instalments shall be paid by 30 April 2026; 30 April 2027; 30 April 2028 and 30 April 2029, respectively.
1.5.2. Added value of Union involvement (it may result from different factors, e.g. coordination gains, legal certainty, greater effectiveness or complementarities). For the purposes of this point 'added value of Union involvement' is the value resulting from Union intervention, which is additional to the value that would have been otherwise created by Member States alone.
The proposal concerns the Union’s direct subscription to new shares in the EBRD, since the EBRD has invited all its direct shareholders to subscribe pro-rata to their current shareholding in accordance with the EBRD Board of Governors resolution 265. Hence, in order to maintain the current share of Union shareholding, action at the Union level is required.
1.5.3. Lessons learned from similar experiences in the past
In 1996, the Governors of the EBRD decided to double the authorised capital of the EBRD for which the Union subscribed an additional 30 000 shares of EUR 10 000 each, bringing the Union’s subscribed capital at EUR 600 million. The Union share in the EBRD total authorised capital was maintained. The Union subscription of additional shares followed Council Decision 97/135/EC.
In 2010, the Governors of the EBRD decided to increase the authorised capital stock by EUR 10 billion, consisting of 100 000 paid-in shares and 900 000 callable shares in order to maintain enough capital to sustain a reasonable level of activity in its countries of operations. The Union accordingly subscribed to additional shares following Decision 1219/2011/EU.
1.5.4. Compatibility with the Multiannual Financial Framework and possible synergies with other appropriate instruments
The mandate of the EBRD is to “foster transition towards open market-oriented economies and to promote private and entrepreneurial initiative in the […] countries committed to and applying the principles of multilateral democracy, pluralism and market economics” across Central and Eastern Europe, Central Asia and, since 2012, the Southern and Eastern Mediterranean region. The Union in total, including the Union’s direct share (3.03%), EIB (3.03%) and Member States’ individual shares (EU27, ca. 48.4%), has a combined majority shareholding of 54.4% of EBRD's capital. Each shareholder is represented in the EBRD’s resident Board of Directors. The EBRD generally applies and promotes Union standards and policies in its operations. Through its projects, the EBRD uses policy dialogue and the application of conditionalities (e.g. transition impact, corporate governance standards, procurement, environmental standards, etc.) to reach Union requirements in areas such as environmental and social policies.
1.5.5. Assessment of the different available financing options, including scope for redeployment
The European Union subscription of additional 12 102 shares pursuant to Resolution 265 of the EBRD Board of Governors requires the necessary appropriations to be committed in the first half of financial year 2025. For this purpose, the dedicated budget line under Heading 6 (Neighbourhood and the World), specifically Item 14 20 03 04 - European Bank for Reconstruction and Development — Provision of paid-up shares of subscribed capital, will need to cater for an amount of commitment appropriations equivalent to the full size of the EU participation in the EBRD paid-in capital increase, i.e. EUR 121 020 000.
Considering that the action cannot be fully financed through redeployment, it would require the use of the unallocated margin under Heading 6 and/or use of the special instruments as defined in the MFF Regulation. This remains to be determined at the time of establishment of the Commission’s proposal for Draft Budget 2025 and subject to negotiations between Council and European Parliament.
Any budgetary implications under the MFF post 2027 will depend on the availability of the funding, without pre-empting the proposal and the agreement of the MFF and programmes.
1.6. Duration and financial impact of the proposal/initiative
limited duration
- in effect from [DD/MM]YYYY to [DD/MM]YYYY
- Financial impact in 2025 for commitment appropriations and from 2025 to 202922 for payment appropriations.
unlimited duration
- Implementation with a start-up period from YYYY to YYYY,
- followed by full-scale operation.
1.7. Method(s) of budget implementation planned23
Direct management by the Commission
- by its departments, including by its staff in the Union delegations;
- by the executive agencies
Shared management with the Member States
Indirect management by entrusting budget implementation tasks to:
- third countries or the bodies they have designated;
- international organisations and their agencies (to be specified);
- the EIB and the European Investment Fund;
- bodies referred to in Articles 70 and 71 of the Financial Regulation;
- public law bodies;
- bodies governed by private law with a public service mission to the extent that they are provided with adequate financial guarantees;
- bodies governed by the private law of a Member State that are entrusted with the implementation of a public-private partnership and that are provided with adequate financial guarantees;
- bodies or persons entrusted with the implementation of specific actions in the CFSP pursuant to Title V of the TEU, and identified in the relevant basic act.
Comments
N/A
2. MANAGEMENT MEASURES
2.1. Monitoring and reporting rules
EBRD operations will be managed in accordance with the EBRD's own monitoring and reporting procedures. The EBRD reports on its operations, the attainment of its policy objectives as well as on its audited accounts for each financial year to its Board of Governors. The Board of Governors approves, after reviewing the auditor's report, the general balance sheet and the statement of profit and loss of the EBRD.
The Governor of the EBRD representing the Union reports annually to the European Parliament on:
• the promotion of the Union's objectives;
• the use of EBRD capital;
• measures to ensure transparency of EBRD operations via financial intermediaries;
• the EBRD's contributions to risk-taking and effectiveness in leveraging additional financing from the private sector;
• cooperation between the EIB and the EBRD outside the Union.
2.2. Management and control system(s)
2.2.1. Justification of the management mode(s), the funding implementation mechanism(s), the payment modalities and the control strategy proposed
The action will be implemented in direct management by the Commission, which will subscribe, on behalf of the Union, to 12 102 new shares, each having a par value of EUR 10 000 for a total of EUR 121 020 000. The first instalment shall be paid by the later of (i) 30 April 2025; or (ii) 60 days after its instrument of subscription has become effective. The remaining four instalments shall be paid by 30 April 2026; 30 April 2027; 30 April 2028 and 30 April 2029, respectively.
EBRD operations will be managed in accordance with the EBRD's own rules and procedures, including appropriate audit, control and monitoring measures. As foreseen in the Agreement Establishing the EBRD, the Audit Committee of the EBRD, which is supported by external auditors, assists the Board of Directors of the EBRD and is responsible for verifying the regularity of the EBRD operations and accounts. The Board of Directors, where the Union, represented by the Commission, has a Director, submits the audited accounts for each financial year for approval of the Board of Governors at each annual meeting and approves the budget of the EBRD. The Board of Governors approves, after reviewing the auditor's report, the general balance sheet and the statement of profit and loss of the EBRD.
An independent Evaluation Department evaluates the performance of the EBRD’s completed projects and programmes relative to objectives. It systematically analyses the results of both individual projects and wider themes defined in the EBRD’s policies. The core objective of evaluation is to contribute to the EBRD’s legitimacy, relevance and to superior institutional performance.
The EBRD’s Internal Audit Department, is set up in accordance with the Institute of Internal Auditors’ International Professional Practices Framework and is responsible for providing independent and objective assurance to executive management and the Board of Directors on the adequacy and effectiveness of internal controls, governance, and risk management processes to mitigate the Bank’s key risks.
The EBRD also has an Independent Project Accountability Mechanism, which is the grievance mechanism of the Bank. It deals with complaints about environmental, social and disclosure matters related to the Bank’s investments. The Mechanism is independent from EBRD management and undertakes fact-finding investigations to determine if the Bank has complied with the environmental, social and disclosure standards.
Furthermore, the Board of Directors establishes policies and takes decisions concerning loans, guarantees, investment in equity capital, borrowing by the EBRD, the furnishing of technical assistance and other operations of the EBRD in conformity with the general directions of the Board of Governors.
The Board of Directors has established three Board Committees to assist it in its work: the Audit Committee mentioned above, the Budget and Administrative Affairs Committee and the Financial and Operations Policies Committee. The Director (or his alternate) representing the Union attends all these Boards Committees. Finally, the EBRD Board of Governors has established an Ethics Committee, which interpret and safeguard the codes of Conduct applicable for EBRD staff and board officials.
2.2.2. Information concerning the risks identified and the internal control system(s) set up to mitigate them
Article 5.3 of the Agreement Establishing the EBRD stipulates that the Board of Governors shall review the capital stock of the EBRD at intervals of not more than five years. The EBRD are subject to its own control systems.
In addition, as regards the EBRD implementing EU programmes, its internal control systems have been found equivalent to the Commission ones in the pillar assessment conducted in line with the Financial Regulation.
2.2.3. Estimation and justification of the cost-effectiveness of the controls (ratio of "control costs ÷ value of the related funds managed"), and assessment of the expected levels of risk of error (at payment & at closure)
See reply above in 2.2.2.
2.3. Measures to prevent fraud and irregularities
The EBRD has an independent Office of the Chief Compliance Officer (OCCO), which is headed by a Chief Compliance Officer reporting directly to the President, and annually, or as necessary, to the Audit Committee. The OCCO’s mandate is to promote good governance and to ensure the highest standards of integrity are applied throughout all of the activities of the EBRD in accordance with international best practice. The responsibilities of the OCCO include dealing with issues of integrity due diligence, confidentiality, conflicts of interest, corporate governance, accountability, ethics, anti-money laundering, counter-terrorist financing, and the prevention of fraudulent and corrupt practices. The OCCO is responsible for investigating allegations of fraud, corruption, and misconduct. It also trains and advises, as necessary, EBRD staff members who are appointed as directors to the boards of companies in which the EBRD holds an equity interest. Financial and integrity due diligence are integrated into the EBRD's normal approval of new business and the monitoring of its existing transactions. The EBRD publishes the OCCO’s anti-corruption report on its web site. Moreover, the OCCO has the specific responsibility for administering the EBRD’s independent project accountability mechanism, which reviews environmental, social, and transparency-related issues raised by project-affected people and civil society organisations. It issues, where warranted, a determination as to whether in approving a particular project, the EBRD acted in compliance with its relevant policies.
3. ESTIMATED FINANCIAL IMPACT OF THE PROPOSAL/INITIATIVE
3.1. Heading(s) of the multiannual financial framework and expenditure budget line(s) affected
- Existing budget lines
In order of multiannual financial framework headings and budget lines.
| Heading of multiannual financial framework | Budget line | Type of expenditure | Contribution | |||
| Number | Diff./Non-diff.24 | from EFTA countries25 | from candidate countries and potential candidates26 | fromother third countries | other assigned revenue | |
| 6 | 14 20 03 04 European Bank for Reconstruction and Development — Provision of paid-up shares of subscribed capital | Diff | NO | NO | NO | NO |
- New budget lines requested
In order of multiannual financial framework headings and budget lines.
| Heading of multiannual financial framework | Budget line | Type of expenditure | Contribution | |||
| Number | Diff./Non-diff. | from EFTA countries | from candidate countries and potential candidates | from other third countries | other assigned revenue | |
| n/a | n/a |
3.2. Estimated financial impact of the proposal on appropriations
3.2.1. Summary of estimated impact on operational appropriations
- The proposal/initiative does not require the use of operational appropriations
- The proposal/initiative requires the use of operational appropriations, as explained below:
EUR million (to three decimal places)
| Heading of multiannual financial framework | Number | 6 |
| DG: ECFIN | Year 202527 | Year 2026 | Year 2027 | Year 2028 | Enter as many years as necessary to show the duration of the impact (see point 1.6) | TOTAL | ||||
| Operational appropriations | 2025 | 2026 | 2027 | 202828 | 202928 | |||||
| 14 20 03 04 29 | Commitments | (1a) | 121.020 | 121.020 | ||||||
| Payments | (2a) | 24.204 | 24.204 | 24.204 | 24.204 | 24.204 | 121.020 | |||
| Budget line | Commitments | (1b) | ||||||||
| Payments | (2b) | |||||||||
| Appropriations of an administrative nature financed from the envelope of specific programmes30 | ||||||||||
| Budget line | (3) | |||||||||
| TOTAL appropriations for DG ECFIN | Commitments | =1a+1b +3 | 121.020 | 121.020 | ||||||
| Payments | =2a+2b +3 | 24.204 | 24.204 | 24.204 | 24.204 | 24.204 | 121.020 |
| TOTAL operational appropriations | Commitments | (4) | 121.020 | 121.020 | ||||||
| Payments | (5) | 24.204 | 24.204 | 24.204 | 24.204 | 24.204 | 121.020 | |||
| TOTAL appropriations of an administrative nature financed from the envelope for specific programmes | (6) | |||||||||
| TOTAL appropriations under HEADING 6 of the multiannual financial framework | Commitments | =4+ 6 | 121.020 | 121.020 | ||||||
| Payments | =5+ 6 | 24.204 | 24.204 | 24.204 | 24.204 | 24.204 | 121.020 |
If more than one operational heading is affected by the proposal / initiative, repeat the section above:
| TOTAL operational appropriations (all operational headings) | Commitments | (4) | 121.020 | 121.020 | ||||||
| Payments | (5) | 24.204 | 24.204 | 24.204 | 24.204 | 24.204 | 121.020 | |||
| TOTAL appropriations of an administrative nature financed from the envelope for specific programmes (all operational headings) | (6) | |||||||||
| TOTAL appropriations under HEADINGS 1 to 6 of the multiannual financial framework (Reference amount) | Commitments | =4+ 6 | 121.020 | 121.020 | ||||||
| Payments | =5+ 6 | 24.204 | 24.204 | 24.204 | 24.204 | 24.204 | 121.020 |
| Heading of multiannual financial framework | 7 | ‘Administrative expenditure’ |
This section should be filled in using the 'budget data of an administrative nature' to be firstly introduced in the Annex to the Legislative Financial Statement (Annex 5 to the Commission decision on the internal rules for the implementation of the Commission section of the general budget of the European Union), which is uploaded to DECIDE for interservice consultation purposes.
EUR million (to three decimal places)
| Year 2025 | Year 2026 | Year 2027 | Enter as many years as necessary to show the duration of the impact (see point 1.6) | TOTAL | ||||||
| DG: <ECFIN>z | ||||||||||
| Human resources | ||||||||||
| Other administrative expenditure | ||||||||||
| TOTAL DG <ECFIN> | Appropriations |
| TOTAL appropriations under HEADING 7 of the multiannual financial framework | (Total commitments = Total payments) |
EUR million (to three decimal places)
| Year 202531 | Year 2026 | Year 2027 | Enter as many years as necessary to show the duration of the impact (see point 1.6) | TOTAL | |||||
| TOTAL appropriations under HEADINGS 1 to 7 of the multiannual financial framework | Commitments | ||||||||
| Payments |
3.2.2. Estimated output funded with operational appropriations
Commitment appropriations in EUR million (to three decimal places)
| Indicate objectives and outputs | 2025 | 2026 | 2027 | 2028 | 2029 2030 2031 | TOTAL | ||||||||||||
| OUTPUTS | ||||||||||||||||||
| Type32 | Average cost | Annual investment | Cost | Annual investment | Cost | Annual investment | Cost | Annual investment | Cost | Annual investment | Cost | Annual investment | Cost | Annual investment | Cost | Total Investment | Total cost | |
| SPECIFIC OBJECTIVE No 133 … | ||||||||||||||||||
| Annual EBRD Invesment in Ukrainet [EUR m] | t | 2,500 | 121.200 | 2,500 | 3,000 | 3,000 | 3,000 | 3,000 | 0 | 3,000 | 0 | 20,000 | 121.020 | |||||
| - Output | ||||||||||||||||||
| - Output | ||||||||||||||||||
| Subtotal for specific objective No 1 | 2,500 | 121.020 | 2,500 | 3,000 | 3,000 | 3,000 | 3,000 | 0 | 3,000 | 0 | ||||||||
| TOTALS | 2,500 | 121.020 | 2,500 | 3,000 | 3,000 | 3,000 | 3,000 | 0 | 3,000 | 0 | 20,000 | 121.020 |
3.2.3. Summary of estimated impact on administrative appropriations
- The proposal/initiative does not require the use of appropriations of an administrative nature
- The proposal/initiative requires the use of appropriations of an administrative nature, as explained below:
EUR million (to three decimal places)
| 2025 | 2026 | 2027 | 2028 | Enter as many years as necessary to show the duration of the impact (see point 1.6) | TOTAL |
| HEADING 7 of the multiannual financial framework | ||||||||
| Human resources | ||||||||
| Other administrative expenditure | ||||||||
| Subtotal HEADING 7 of the multiannual financial framework |
| Outside HEADING 734 of the multiannual financial framework | ||||||||
| Human resources | ||||||||
| Other expenditure of an administrative nature | ||||||||
| Subtotal outside HEADING 7 of the multiannual financial framework |
| TOTAL |
The appropriations required for human resources and other expenditure of an administrative nature will be met by appropriations from the DG that are already assigned to management of the action and/or have been redeployed within the DG
3.2.3.1. Estimated requirements of human resources
- The proposal/initiative does not require the use of human resources.
- The proposal/initiative requires the use of human resources, as explained below:
Estimate to be expressed in full time equivalent units
| 2025 | 2026 | 2027 | 2028 | Enter as many years as necessary to show the duration of the impact (see point 1.6) | |||||
| Establishment plan posts (officials and temporary staff) | |||||||||
| 20 01 02 01 (Headquarters and Commission’s Representation Offices) | |||||||||
| 20 01 02 03 (Delegations) | |||||||||
| 01 01 01 01 (Indirect research) | |||||||||
| 01 01 01 11 (Direct research) | |||||||||
| Other budget lines (specify) | |||||||||
| External staff (in Full Time Equivalent unit: FTE)35 | |||||||||
| 20 02 01 (AC, END, INT from the ‘global envelope’) | |||||||||
| 20 02 03 (AC, AL, END, INT and JPD in the delegations) | |||||||||
| XX 01 xx yy zz 36 | - at Headquarters | ||||||||
| - in Delegations | |||||||||
| 01 01 01 02 (AC, END, INT - Indirect research) | |||||||||
| 01 01 01 12 (AC, END, INT - Direct research) | |||||||||
| Other budget lines (specify) | |||||||||
| TOTAL |
The human resources required will be met by staff from the DG who are already assigned to management of the action and/or have been redeployed within the DG.
Description of tasks to be carried out:
| Officials and temporary staff | . |
| External staff |
3.2.4. Compatibility with the current multiannual financial framework
The proposal/initiative:
- can be fully financed through redeployment within the relevant heading of the Multiannual Financial Framework (MFF).
- requires use of the unallocated margin under the relevant heading of the MFF and/or use of the special instruments as defined in the MFF Regulation.
- To be determined at the time of establishment of the Commission’s proposal for Draft Budget 2025 and subject to negotiations between Council and European Parliament.
- requires a revision of the MFF.
3.2.5. Third-party contributions
The proposal/initiative:
- does not provide for co-financing by third parties
- provides for the co-financing by third parties estimated below:
3.3. Estimated impact on revenue
- The proposal/initiative has no financial impact on revenue.
- The proposal/initiative has the following financial impact:
on own resources
on other revenue
please indicate, if the revenue is assigned to expenditure lines ◻
1At the end of 2023
2Albania, Armenia, Azerbaijan, Belarus (Access to EBRD resources suspended since March 2022), Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Egypt, Estonia, Georgia, Greece, Hungary, Jordan, Kazakhstan, Kosovo, Kyrgyz Republic, Latvia, Lebanon, Lithuania, Moldova, Mongolia, Montenegro, Morocco, North Macedonia, Poland, Romania, Russia (no new operations since 2014 and access to EBRD resources suspended since March 2022), Serbia, Slovak Republic, Slovenia, Tajikistan, Tunisia, Turkmenistan, Türkiye, Ukraine, Uzbekistan
3Pursuant to Article 8.3 of the Agreement Establishing the EBRD, access to EBRD resources by the Russian Federation and Belarus was suspended on 1 April 2022.
4OJ L 372, 31.12.1990, p. 1.
5According to Council Decision 90/674/EEC of 19 November 1990, the Union is represented by the Commission in the EBRD.
6This amount was composed of EUR 157.5 million paid-in capital and EUR 442.5 million callable capital.
7OJ L 57, 26.2.1997, p. 4.
8OJ L 313, 26.11.2011, p. 1.
9Resolution 265
10Resolution 259
11For the amendment of Article 1 to take effect, 3/4 of EBRD Members, including at least two recipient countries, representing 4/5 Total Voting Power in the EBRD will need to support it.
12Resolution 260
13For the amendment of Art. 12.1 to take effect, at least 3/5 of EBRD Members, representing at least 85% of Total Voting Power in the EBRD would need to support it.
14OJ L 193, 30.7.2018, p. 1–222
15On 23 October 2023, the EBRD announced that the target of deploying EUR 3bn of financing in the Ukrainian real economy had been reached.
16The EBRD’s capital was increased in 1996 in order to allow for the increase of the Bank’s operations in its original regions of operation in line with its transition mandate, whereas the capital increase in 2011 was agreed in response to the 2008 financial crisis and the recognised need by the Bank’s shareholders to step up its activity to help promote and support recovery in its region.
17Resolution 265
18Resolution 259
19Benin, Côte d'Ivoire, Ghana, Kenya, Nigeria, and Senegal, subject to their application and approval as EBRD recipient countries.
20Resolution 260
21As referred to in Article 58(2)(a) or (b) of the Financial Regulation.
22Possible financial implications for the years post 2027 are without prejudice to the Multi-Annual Financial Framework Regulation post 2027.
23Details of budget implementation methods and references to the Financial Regulation may be found on the BUDGpedia site.
24Diff. = Differentiated appropriations / Non-diff. = Non-differentiated appropriations.
25EFTA: European Free Trade Association.
26Candidate countries and, where applicable, potential candidates from the Western Balkans.
27Year N is the year in which implementation of the proposal/initiative starts. Please replace "N" by the expected first year of implementation (for instance: 2021). The same for the following years.
28Possible budgetary implications for the years post 2027 are indicative and presented for information purposes only without pre-empting the agreement on the Multi-Annual Financial Framework Regulation post 2027.
29According to the official budget nomenclature.
30Technical and/or administrative assistance and expenditure in support of the implementation of EU programmes and/or actions (former ‘BA’ lines), indirect research, direct research.
31Year N is the year in which implementation of the proposal/initiative starts. Please replace "N" by the expected first year of implementation (for instance: 2021). The same for the following years.
32Outputs are products and services to be supplied (e.g.: number of student exchanges financed, number of km of roads built, etc.).
33As described in point 1.4.2. ‘Specific objective(s)…’
34Technical and/or administrative assistance and expenditure in support of the implementation of EU programmes and/or actions (former ‘BA’ lines), indirect research, direct research.
35AC= Contract Staff; AL = Local Staff; END= Seconded National Expert; INT = agency staff; JPD= Junior Professionals in Delegations.
36Sub-ceiling for external staff covered by operational appropriations (former ‘BA’ lines).
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