This week the European Bank for Reconstruction and Development (EBRD) is holding its annual meeting – which this year includes celebrating its 30th anniversary.
In 1991, the EBRD was set up to support countries in their transition to market economy and democracy. Indeed, its establishing charter includes a significant, yet often ignored provision that it may only carry out its purpose in countries of operations that are ‘committed to and applying the principles of multiparty democracy, pluralism and market economy’.
By 2021, though, it’s unclear what this mandate really means in practice. Last year, the EBRD’s annual investments reached a record high of €11bn. Yet a significant share of this sum went to autocratic regimes, which is at odds with the EBRD’s unique political mandate.
